Fastex grabs $23.2 million in Fasttoken token sale


Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in funding through the public and private token sales of its native cryptocurrency Fasttoken (FTN).

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A large number of big-name investors have already taken strategic positions in private token generation events held by its parent company, gaming technology and service provider BetConstruct.

The team expects to deploy the newly raised capital to accelerate the development of its entire Web3-powered ecosystem, Fastex, which includes Fastex Chain, Fasttoken, the ftNFT marketplace, Fastex Pay, and the ecosystem’s metaverse, Fastex Verse.

The public sale of FTN tokens, which was a huge success amid the protracted crypto winter, comes less than two months after a strategic sale to private investors.

At the beginning of December, BetConstruct opened the opportunity for selected partners and investors to buy Fasttoken at an exclusive price of €0.25 for a limited time. Around 10% of the total FTN supply was downloaded through the second phase of the private sale with a maximum contribution of €400,000 per investor.

Following successful private funding rounds, Fasttoken held its Initial Exchange Offering (IEO), which took place from January 18-20. A limited amount of 10 million tokens were sold in 3 days during the public sale, with a price of 0.35 euros. per tab.

Fasttoken (FTN) is a cryptocurrency based on ERC-20 Ethereum and the utility token for the Fastex web3 economy. The token is developed and curated by tech giant SoftConstruct, a leading provider of IT solutions in the fields of web 3.0, gaming, AR, VR, finance, e-commerce, and supply chain management.

Within SoftConstruct’s vast network, FTN is exposed to over 40 million, implying high organic growth, and is also accessible to 1 million active users and 700 partners across 20 platforms. More than 100 game providers have already partnered with Fastex, and FTN is ready to play a key role in powering their GameFi titles.

SoftConstruct co-founder Vigen Badalyan said: “We are excited about the next phase of growth for Fasttoken and the Fastex ecosystem. Our goal has always been to bring the benefits of web3 to players and our gaming partners, and we’re very focused on making that happen. We are also immensely grateful to the 100+ gaming partners who have chosen to adopt Fasttoken as their in-game token.”

With fresh capital available, Fastex plans to continue building its platform and developing new products. Under the hood, FTN will serve as a utility token for all web3 products and services operating under the Fastex banner, including B2C and P2P payment solutions.

As one of the most anticipated projects, Fastex Chain will allow FTN to be implemented to stake and validate blocks, securing the entire network through an innovative consensus mechanism: Proof-of-Stake and Activity (PoSA).

The PoSA consensus idea of ​​using participation and activity to validate transactions on blockchain networks is patent pending. That would bring a new way of business development and revenue growth on the blockchain, taking user actions into account to maximize their chances of becoming smart contract validators.

On the technical front, Fasttoken has successfully passed 2 audits by independent external auditors: Hexens and CertiK. In early November, Fastex opened the first stores of its kind in the MENA region, ftNFT physical stores at Mall of the Emirates and Dubai Mall. Of note, the company gained approval in Lithuania to operate as a fully regulated virtual currency exchange and deposit virtual currency wallet operator.