Immutable X is looking for funding to continue operating
CriptoFácil – Australian startup Immutable, creator of the Layer-2 ImmutableX project, is trying to sell a certain amount of its IMX tokens to private investors through Digital Worlds Ltd
NFTS, a nonprofit foundation based in the Cayman Islands that issues the IMX token, is technically separate from the Immutable Group, which develops the blockchain, and Immutable previously disclosed a partnership with Digital Worlds to reward developers and community members. with IMX tokens.
So far, Immutable has raised nearly $280 million from investors including Tencent, Alameda Research, AirTree Ventures and Arrington Capital, according to Crunchbase.
According to the foundation’s proposal, the looming dominance of tokenization “will transform NFTs into a trillion dollar asset class.”
The bill says the nonprofit has a “war chest of over $1 billion for donations.”
Immutable X
The latest figures show that Immutable holds IMX tokens worth more than $478 million on its own balance sheet. According to the project’s website, there are a total of 2 billion IMX tokens, and around 20% of them are earmarked for token sales only.
It is not uncommon for a cryptocurrency company to promote and sell its own tokens to investors as a way to raise capital.
Initial token sales are seen as a popular route for projects that allow investors to get involved in their startups, despite lingering legal uncertainty over their possible status as unregulated securities in the United States.
A spokesperson said that the private token sale was being led by a large venture capitalist and that there were “more than twice the oversubscriptions in the first 72 hours.”
The news of the private token sale comes less than two weeks after it emerged that Immutable was laying off 11% of staff. The startup cited low cash reserves as the reason for the move, with plans to shift responsibility for some areas of game development to outside partners.