Home News Social token provider Roll attracted $10M of investments

Social token provider Roll attracted $10M of investments

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A blockchain ecosystem for the issuance of social tokens and non-fungible tokens (NFT) Roll has closed a Series A funding round for $10 million. The venture capital company IOSG Ventures headed the round.

Blockchain game provider Animoca Brands, infrastructure platform Alchemy, Weekend Fund, Huobi Ventures, Audacity and Mischief Fund also participated in the round.

Previously, Galaxy Interactive, Hustle Fund, Ryan Selkis, Gary Vaynerchuk and others supported the platform. Thus, taking into account the new round, the total investment amounted to $12.7 million.

Expand the staff and technical capabilities

The team will use the funds raised to expand the staff and technical capabilities.

Roll allows users to issue their own branded tokens on the Ethereum (ETH) blockchain. Besides, they can be used to monetize activity within the community. The platform calls such coins “social money”.

The maximum token issue on the Roll is 10 million units. The user receives the first 2 million immediately. Furthermore, the remaining amount is issued within three years.

Hackers stole 3,000 ETH

Recall that in March 2021, hackers attacked the Roll blockchain platform. The unknown person received almost 3,000 ETH (about $5.7 million at that time). Some of which he sent to the Tornado Cash.

The affected address belongs to the platform, so the experts assumed either the compromise of the private key or the actions of an insider. It is unknown whether the attacker gained access to other elements of the Roll infrastructure.

Moreover, the attack had a negative collateral effect on social tokens, causing several coins to experience massive price drops. Some tokens dropped by nearly 100%. The most affected were PICA (-99.6%), WHALE (-99.3%), and RARE (-87.5%).

According to the team, Roll supports more than 350 token creators. In addition, the daily trading volume is $2 million, the annual volume is $680 million.

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