NBA Star Spencer Dinwiddie's Crypto-Fueled Social Media App Raises $7.5 Million

According to an announcement revealed on Thursday, Spencer Dinwiddie’s token application called Calaxy has raised $7.5 million in funding. The American professional basketball player for the NBA’s Brooklyn Nets has been a fan of blockchain technology for quite some time, as the point guard raised $1.3 million tokenizing his contract on the Ethereum blockchain.

Hedera Hashgraph-Powered Calaxy Raises $7.5 Million

• The NBA star Spencer Dinwiddie’s token application Calaxy raised $7.5 million in funding according to statements sent to Bitcoin.com News. The capital raise announced this week stemmed from a deal that involved the acquisition of future CLXY tokens.
• Spencer Dinwiddie’s Calaxy App aims to be the “first social media super app designed for creators, by creators.” The financier Solo Ceesay is Calaxy’s COO and cofounder who said he saw an opportunity in creating a platform that helps monetize an online community.
• Calaxy leverages the enterprise-grade blockchain network Hedera Hashgraph, a project backed by firms like IBM and Google. The Calaxy platform will leverage a native token called “CLXY.”
• Calaxy aims to offer interactive polls, messaging, video calls, and the ability for fans to engage with influencers like sports stars and musicians. The name Calaxy is a play on the words “creator” and “galaxy.”
• At the time of writing, Calaxy is in private 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 sign up to request early access to the public beta to get a key.
• Spencer Dinwiddie had a token sale of his contract hosted on the Ethereum blockchain last year. The sale of Dinwiddie’s tokenized contract raised $1.3 million which was only a tenth of what the project hoped to sell ($13.5 million).
• Dinwiddie’s NBA contract was tokenized by leveraging Dream Fan Shares (DFS), however, the NBA star is leveraging Hedera Hashgraph over Ethereum because it boasts a higher transaction throughput.
• The point guard for the Brooklyn Nets initially told the press he would tokenize his contract in 2019 but the NBA threatened to end his contract. Despite this, Dinwiddie continued his mission and has been a proponent of blockchain technology ever since.