Blockchain startup Oxalus raises $1.1 million for NFT social trading expansion

Vietnamese blockchain startup Oxalus announced raising $1.1 million in a Seed funding round anchored by IDG Capital Venture Beta (IDGCVB) and Kyber Ventures.

The two investors have previously invested in notable blockchain ventures, including Centic, Next Vision Capital (NVC), Coin98, Airstack and Aura Network, according to the announcement.

Founded in 2022, Oxalus has shown rapid growth, connecting with over 200 partners across Asia, Latin America and the US, and attracting approximately 900,000 unique users. As it promotes its NFT platform for social trading, the startup intends to expand its social networking application, allowing users to interact, create content and spark conversations.

This platform goes beyond simple connections and acts as an NFT marketplace with intelligent analytics tools.

Hieu Nguyen Dang, founder and CEO of Oxalus, expressed his enthusiasm for NFTs and his ambition to use the new funding to strengthen data development and expand the engineering team.

Despite a challenging market climate, a representative of the IDGCVB expressed strong confidence in Oxalus and its innovative approach. Their perspective underscores the promising potential of the convergence of social commerce, blockchain and NFT, facilitating a wide range of trading activities and informed purchasing decisions.

David Tran, General Partner at IDGCVB, emphasized the company’s strict selection criteria. The startups must demonstrate skills in blockchain technology and demonstrate the potential to drive market breakthroughs in this emerging field.

Oxalus offers a platform that integrates social networks and NFT trading. It enables users to connect, interact and buy NFT collections without leaving the platform. Users can stay informed about market news, upcoming NFT events and manage their portfolios while interacting with other traders and collectors.

What sets Oxalus apart is the inclusion of an NFT Aggregator, a tool designed to help professional traders buy NFTs from multiple marketplaces at the most competitive prices. Furthermore, its sophisticated analytics tools allow users to uncover and visualize blockchain data, efficiently track wallet and fundraising activities, thereby facilitating smarter investment decisions.