Romanian blockchain-powered social media app TOKHIT secures USD 100 million for further development
Romanian blockchain-powered social media app TOKHIT announces USD 100 million in funding
TOKHIT, a social media app developed by a Romanian startup, announced on Thursday, February 9 that it secured US$100 million in funding from an international investment fund for further development.
TOKHIT did not disclose the name of its new investor or the valuation at which the deal closed. In early 2022, TOKHIT said it was valued at US$155 million without providing other details.
Powered by blockchain and NFT technology, TOKHIT markets itself as the platform where content creators, influencers and NFTs and crypto enthusiasts can monetize their social activity. The product uses its tokenized economy to allow users to monetize their work while providing multiple revenue streams for the company.
After an initial investment of USD 100,000 and three rounds dedicated to token sales, this new funding round worth USD 100 million is TOKHIT’s most important to date. Capitalization will be carried out through TOKHIT Holding Switzerland, which will coordinate all development and promotion activities on a global level.
“We are pleased to announce this capitalization of USD 100 million which confirms the strong growth prospects for TOKHIT. Funds will be used to drive further development of the product across all devices, to strengthen the global reach and international ambitious goals in terms of user conversions and to support the listing on the crypto platforms,” said Andrei Ureche (Vandy), founder and CEO of TOKHIT.
“TOKHIT will soon become the social environment where content creators, crypto investors and NFT enthusiasts generate active and passive income by creating content, trading NFTs, staking HITT tokens, accessing games to make money, staking NFTs or trade digital assets on the marketplace. As the product matures, they will find more opportunities to earn monetary rewards by partnering with brands, while active content creators will also be able to mint personal coins/tokens and make them available for purchase,” he added.
TOKHIT was developed by two Romanian entrepreneurs from Cluj-Napoca, Andrei Ureche and Cristian Voaides. The app is now available for download on iOS devices, with upcoming developments aimed at making it available on all platforms.
(Photo source: TOKHIT)
