Multicoin Capital and Solana Ventures invest $5m in Baxus, the Web3 wine marketplace.
Baxus, an online marketplace specializing in wine and spirits, has successfully raised $5 million in a funding round led by Multicoin Capital. The seed round also saw participation from Solana Ventures, FJ Labs, and other investors. This funding will enable Baxus to continue its mission of bringing transparency and liquidity to the global luxury wine and spirits market, which is valued at a staggering $470 billion.
One of the key features of Baxus’ marketplace is that buyers do not incur any additional fees beyond the listed price. Only a flat 10% fee is deducted when an item is successfully sold. Customers who purchase spirits through Baxus also receive a non-fungible token (NFT) minted on the Solana blockchain, which serves as proof of ownership.
Once the NFT is redeemed for the physical bottle or barrel of whiskey, it becomes invalid, and the product is removed from the trading platform. Baxus ensures the secure storage of all assets in its temperature and humidity-controlled vaults located throughout the United States.
In addition to Multicoin Capital, other prominent figures in the industry, such as Alex Kehaya and Austin Federa from Solana Foundation, as well as Frank Chapparo from The Block, have participated in this funding round. This demonstrates the growing interest and support for Baxus and its innovative approach to the wine and spirits market.
In related news, Parallel, a science fiction-themed NFT card game, recently raised $35 million in funding from VanEck and Solana Ventures. The involvement of Solana Ventures in both Baxus and Parallel highlights the blockchain company’s commitment to supporting innovative projects within the crypto space.
Multicoin Capital, a cryptocurrency venture capital firm, has also revealed that it co-led a $225 million funding round in Wormhole, further solidifying its position as a prominent player in the crypto investment landscape.
