The protocol will look to secure more partnership deals with more sports teams and use the funds to develop its infrastructure. The CEO also told BSC News that its native $SNACK token will soon be listed on a top CEX.
Huge Investment Fund on BNB Chain
GEM Digital is a digital asset investment firm with a proven track record of actively discovering, structuring, and investing in utility tokens listed on various Decentralized Exchanges (DEX) and Centralized Exchanges (CEX). The Crypto Snack team will look to utilize the funds from GEM to develop its ecosystem.
Crypto Snack CEO, Stuart Morrison, confirmed the investment to BSC News, adding that the deal would accelerate the project’s growth on BNB Chain. The protocol also announced the big deal through Twitter on July 27.
“We are delighted to announce this investment with GEM Digital. In the current bear market, it’s reassuring to see large traditional financial institutions still interested in digital assets. Even though we view Crypto Snack as a long-term project, this $50M commitment really allows the project to accelerate our roadmap by around 24 months so that we grow exponentially,” Morrison said.
The protocol is optimistic that the funds will establish its native $SNACK token as the number one token in the iGaming industry. BSC News also believes that the investment places the platform on the right track to becoming a leading name in the Decentralized Finance (DeFi) space.
More Partnerships and Improved Infrastructure
Its partnership with Espanyol ensures that the club accepts payments in crypto, including its $SNACK token, allowing Espanyol fans to buy tickets, food items, and jerseys with SNACK and other assets. The platform will use the funds to partner with more sports teams while also developing its infrastructure.
“Crypto Snack will continue the expansion into the world’s professional sports to allow the community to use the SNACK to purchase tickets, jerseys, and experiences,” the CEO told BSC News. “We are looking at teams around the globe to have strategic partners in various countries to grow our international and inclusive community.”
The platform will use the funds to maximize the exposure of its partnership deals, both new and old. One of Crypto Snack’s plans to develop its infrastructure is to list $SNACK on top exchanges. According to the CEO, the SNACK token will be integrated into a top crypto exchange shortly.
“We are committed to joining one of the world’s top exchanges in the coming weeks to encourage the growth of holders and simplify SNACK token transactions globally,” Morrison added.
The next step for Crypto Snack is to start its expansion on BNB Chain. Even in the bear market, the protocol will look to make progress after the huge incentivization obtained from GEM Digital.
What is Crypto Snack:
Crypto Snack, founded in 2021, is a Decentralized Finance (DeFi) platform that seeks to be transparent with a community-focused utility token ($SNACK), which connects digital and physical worlds.
The token is accepted as a method of payment on over 800 businesses online. The token holders enjoy cheap and fast transactions in the crypto e-commerce and gaming network.
Where to find Crypto Snack:
What is GEM Digital:
Global Emerging Markets (GEM) Digital is a digital asset firm based in the Bahamas. The company actively sources, structures, and invests in utility tokens listed on global DEXs and CEXs.
GEM is a $3.4 billion investment group having completed 540 transactions in 70 countries. The firm is an alternative investment group that manages a diverse set of investment vehicles across the world. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile.
The company’s family of funds and investment vehicles provide GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs), and select venture investments. GEM’s funds include CITIC-GEM Fund (matured in December 2015), Kinderhook Industries (GP and LP non-voting stakes), GEM Global Yield Fund LLC SCS, GEM India and VC Bank/GEM Mena Fund (GEM exited both its GP and LP stakes in these funds in 2015 and 2010 respectively).
Where to find GEM
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.