Mintable’s Series A funding round raises $13 million, with participation by Ripple Labs and Metapurse among others.
Singapore-based non-fungible token (NFT) platform Mintable has successfully raised $13 million in Series A funding. The platform, which is one of Mark Cuban’s many crypto-related investments, is designed for the minting and trading of NFTs. Mintable is built on the Ethereum blockchain and also provides support for Zilliqa. It offers users gas-free minting which allows creators to develop NFTs without the financial burden standing in the way of many. The platform has minted around 700,00 items for sale, with most selling for between $10,000 and $50,000. Some exclusive NFTs have gone in the $500,000 range with Mintable’s biggest sale to date at $2 million.
Funds to be used for scaling operations
The funds raised in the Series A round will be used to develop new products and make the process of purchasing and selling NFTs easier. The goal is to make the NFTs a more palatable investment for the general population.
By simplifying the purchase process of NFTs, Mintable hopes to bring them into everyday life. CEO and Founder of Mintable Zach Burks said “As technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.”
Mintable is looking to not only expand its reach into the mainstream market, it also is expanding its current team of 14 employees to more than 30 by the end of 2021.
The round saw participation from a number of companies including Animoca Brands, Metapure, and Ripple. Individual investments came from Doug, Jon Oringer, and John Kim. A statement from Ripple about the partnership said “As tokenization launches into the mainstream, we believe the ability to digitally sign an asset, sell it on a blockchain, and receive real income from its subsequent sales will create the tipping point for widespread crypto adoption.”
This series of funding is the latest in Mintable’s 2021 wins and sees more support from high-profile investors. Earlier this year, Mintable was invested in by big names such as Mark Cuban and Guy Oseary. Sound Ventures, owned by Ashton Kutcher, TIME Ventures, Crypto.com, and LongHas Ventures are among just a few of the other investors Mintable have brought on in 2021.