Token||Traxx has secured $5M of initial launch support from New Zealand Funds and Syzygy Investment Advisory Ltd., bringing funds raised to a total of $7M.
In a landmark deal, this promises to be the first time a major global pension fund has backed a Non-Fungible Token (NFT) based project. Token||Traxx is a new marketplace that redefines and enhances the value of music, by supporting and financially benefiting the entire music community using NFT technology.
The facility was enabled by Syzygy Investment Advisory Limited, and serial entrepreneur Max Kantelia. Kantelia is also co-founder of public blockchain Zilliqa, as well as co-founder of the Zil metaverse Metapolis, declaring his involvement with Token||Traxx after he and Zilliqa announced a $1.1M partnership last year.
“These projects are not just new business models, but new economies with new structures of commerce, dynamic revenue models, social structures, governance, and participation from the community as stakeholders in the ecosystem. These are all attributes that play towards a macro thematic investment view,” said William Callanan, Founder of Syzygy.
James Grigor, Chief Investment Officer of NZ Funds added:
Founded in 1988, NZ Funds has over $2B of retail funds under management. It also has a history of supporting the digital asset economy. NZ Funds was one of the first pension fund managers in the world to invest in Bitcoin and Ethereum.
Along with Syzygy, NZ Funds is a significant shareholder in Galaxy Digital (a listed technology-driven financial services and investment management firm), which provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem.
Token||Traxx has secured a total of $7M in partnership support over the course of the last year from other players including Cosimo Ventures and the Akasha Innovation Hub. Paul Taylor, co-founder, and CEO of Token||Traxx summarized, “It is an honor to be backed by such eminent partners in the financial sector who see the potential growth in a new economy, where value can be created, and everyone is a stakeholder.
“It is about making everything inclusive. This support will now allow us to deliver on our potential to make the music industry a fair, yet robust playing field for those who create, curate, and collect music.”
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Source: Cryptocurrency - investing.com
