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Fastex raises $23.2 million in a token generation event (TGE) last week.
Funds will be used in accelerating development and community growth.
Fasttoken (FTN) is the utility token in Fastex’s expansive Web 3 ecosystem.

Up-and-coming Web 3 ecosystem, Fastex, announces a successful capital raise of $23.2 million, following the recent completion of its private and public sale of its Fasttoken (FTN). The additional funding was raised in a token generation (TGE) over the past few months, with two phases of private investments running from December to mid-January and the public sale that launched on January 18 and sold out in less than 72 hours.

According to the official statement, the funding will be used in developing new features, accelerating the innovation of its Web 3 ecosystem, and global marketing to boost its GameFi and Web3 ecosystems. Vigen Badalyan, the co-founder of SoftConstruct, the incubator of Fastex, believes the latest round of funding will “bring the benefits of web3 to game players and gaming partners [on Fastex]” as it heads towards its next growth phase.

“We’re excited for the next phase of growth for Fasttoken and the Fastex ecosystem,” Badalyan said. “Our goal has always been to bring the benefits of web3 to game players and our gaming partners and we’re laser-focused to make that happen.”

The FTN is the official utility token of Fastex and helps power its comprehensive crypto ecosystem including ftNFT (Fastex’s NFT marketplace), Fastex Pay for crypto payments, FastexVerse, a gaming metaverse, and the Fastex exchange. So far, over 100 gaming platforms and developers have collaborated with Fastex to incorporate the FTN token in powering their GameFi projects, the statement further confirmed.

“We are also immensely grateful to the more than 100 gaming partners who have chosen to adopt Fasttoken as their in-game token,” Vigen Badalyan said.

Many developers choose FTN as it is built on a scalable and secure Fastex chain, a Proof of Staked Activity blockchain solution, which uses staking and user activity to secure the chain. As a utility token, FTN provides game developers with a highly scalable and low transaction fee token to power their Web3 games and run in-game marketplaces. The token also provides an onramp for gamers and crypto aficionados who find it hard to join the world of Web 3 gaming.

Fastex aims at building a comprehensive Web 3 ecosystem, in response to the fragmented and complicated onboarding process currently hampering the adoption of Web 3 services and products, specifically Web 3 gaming. The platform is introducing new concepts of diversification by building an impressive ecosystem of services, not limited to gaming or trading. FTN will support other DeFi utilities such as staking, block creation, validation mechanisms and rewards to build out a fully comprehensive Web3 ecosystem for its gamers. In addition, unified wallet accounts will allow users to submit KYC details only once to access the full spectrum of on-chain applications.

Finally, FTN will be the umbrella token for all the web3 products and services within the Fastex ecosystem, including its B2C and P2P payment solutions.

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