According to the announcement made on Thursday, Spencer Dinwiddie’s token app Calaxy has raised $7.5 million in funding. The American professional basketball player of the Brooklyn Nets of the NBA has long been a fan of blockchain technology because the point guard raised $1.3 million to tokenize his contract on the Ethereum blockchain.

Calaxy, powered by Hedera Hashgraph, raises US$7.5 million

  • According to a statement sent to News, NBA star Spencer Dinwiddie’s token app Calaxy raised $7.5 million in funding. The financing announced this week stems from a transaction involving the acquisition of future CLXY tokens.
  • Spencer Dinwiddie’s Calaxy App aims to become “the first social media super app designed by creators for creators.” Financier Solo Ceesay, Calaxy’s COO and co-founder, said he saw an opportunity to create a platform that would help monetize online communities.

NBA star Spencer Dinwiddie’s encrypted social media app raises $7.5 million

  • Calaxy utilizes the enterprise-level blockchain network Hedera Hashgraph, a project supported by companies such as IBM and Google. The Calaxy platform will utilize a native token called “CLXY”.
  • Calaxy aims to provide interactive polls, messaging, video calls, and the ability for fans to interact with influencers such as sports stars and musicians. The name Calaxy is a deduction of the two words “creator” and “galaxy”.
  • At the time of writing this article, Calaxy is in a closed beta, and the first public version of the application will be ready in the near future. The app will be available on Google Play and Apple’s App Store, and people can register to request advance access to the public beta to obtain a key.

  • Spencer Dinwiddie conducted a token sale on the Ethereum blockchain last year. The tokenized contract for the sale of Dinwiddie raised $1.3 million, which is only one-tenth of the amount the project hopes to sell ($13.5 million).
  • Dinwiddie’s NBA contract was tokenized by using Dream Fan Shares (DFS), however, the NBA star is using Hedera Hashgraph instead of Ethereum because of its higher transaction throughput.
  • The Brooklyn Nets point guard initially told the media that he would tokenize his contract in 2019, but the NBA threatened to terminate his contract. Nevertheless, Dinwiddie continued his mission and has been a supporter of blockchain technology ever since.
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What do you think of Spencer Dinwiddie and Solo Ceesay’s Calaxy social media app raising $7.5 million in funding? Please tell us your thoughts on this topic in the comments section below.

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