Tribe3 Secures US$2.1 million Funding; Public Beta Launch on 3rd May 2023
We have raised US$2.1 million to date
Public beta of the platform will be launched on 3rd May 2023
Tribe3, a social and gamified decentralized NFT futures exchange, has raised US$2.1 million from leading Web3 VCs and strategic investors to drive the next phase of its development, including launching public beta on 3rd May 2023, accelerating growth, and scaling up operations.
Investors that participated in the funding rounds include Spartan Capital, Newman Capital, Infinity Ventures Crypto, Modular Capital, Cogitent Ventures, Blockbuilders, Founderheads, Lapin Digital, Blockhype and other angel investors.
We are a decentralized NFT futures exchange with social and gamification elements. Users can trade NFT perpetual futures with leverage and low fees at any amount, engage in tribe battles against others in the community and earn in-game items based on trading behavior to build personalized NFT avatars. The protocol’s mission is to become the go-to NFT derivatives exchange that provides users an engaging social trading experience.
The public beta will go live on 3rd May 2023 on Arbitrum. During the first phase of the launch, the protocol will support 4 NFT collections including Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Cryptopunks. Tribe3 will later expand to include more collections over the coming months.
According to Kelvin Koh, Co-founder, Partner and CIO of Spartan Capital, “We are excited to work with Tribe3 in building out one of the leading NFT derivatives trading venues. We believe NFT is still in its nascent stage of development; and with web3 gaming and metaverse bringing another wave of adoption, the importance of NFT futures and derivatives would become an indispensable part of the entire ecosystem for holders and traders to hedge and speculate. we believe the tribe3 team with the leadership of Leo has what it takes to dominate the market.”
Adrian Lai, Founder and Managing Partner at Newman Capital, said “The NFT trading landscape has been constantly changing, yet, it has been lacking real innovation. When we look back in the history of token trading, it started with the spot market, then gradually the derivatives market took the spotlight and it has been what traders have been focusing on even today. We believe NFT will follow that same path and NFT derivatives trading could be something to kickstart the next wave of growth for the broader NFT market, and we strongly believe that Tribe3 will be a winner in this space. We are proud to support a team that comes with strong execution abilities and the drive to succeed.”
James Ho, Co-founder of Modular Capital said: “We are excited to partner with Tribe3 as they lead the way in making futures trading for NFTs and digital collectibles a reality. Founder Leo and his team bring a unique combination of expertise in NFT market structure, risk management, and dedication to their community, positioning them to succeed in this emerging market opportunity. We can’t wait to see their efforts play out.”
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