The institutional, retail and financial interest in the emerging market of NFTs has caused a $2 million alliance set to disrupt the digital art market to emerge, confirmed UK cryptocurrency broker CoinBurp this week.
CoinBurp is a digital currency wallet and on/off ramp designed to exchange national currencies into cryptocurrencies such as Bitcoin and Ethereum, allowing British and European users to buy, sell, and spend the revolutionary asset classes. Regarded as one of the best within the region, ConBurp holds the “most-liked and trusted cryptocurrency platform” spot in Trustpilot UK and announced the successful end of its private round of investment with the participation of major funds such as Moonrock and AlphaBit.
The venture was also supported by diverse players of the blockchain scene and financial firms, such as Pluto Digital Assets, Blocksync Ventures, Momentum6, Outlier Ventures, and Inclusion Capital. It also aims to build a unique class of NFT platforms that includes fiat and Decentralized Finance (DeFi) functionalities.
About the plans of development, Alex Smith, Moonrock Capital’s Managing Partner stated:
“Moonrock Capital is delighted to enter into a collaboration with CoinBurp. MRC are ideally positioned to help expedite the next phase of their growth into the DeFi and NFT space. Bridging the gap between CeFi and DeFi, the partners at MRC firmly believe that the CoinBurp platform will undoubtedly become the ‘go to’ Coinbase for NFTs.”
Peter Wood, CEO of CoinBurp, adds:
“CoinBurp is a self-sustaining business as it is, we were in a very good position to make the plunge into DeFi and NFTs – doubling our existing development and marketing teams as well as support and operational in under a month. This comes with increased spend and the funding round has helped us ensure we move fast and we build to last. Our Alpha app is already out and by June, we’re going to be taking the NFT world for a serious ride. The final product will bridge the gap between the worlds of CeFi and DeFi allowing the user to get in and out of DeFi, hold and trade NFTs, stake for an APY and earn unique NFTs – all powered by our single CeFi and DeFi app with fiat capabilities and direct-to-market access for all major NFT marketplaces.”
In addition to its NFT platform, CoinBurp is also preparing to launch its own crypto token. Dubbed $BURP, the token will come with various utility and governance features that will support CoinBurp’s transition to a Decentralized Autonomous Organization. Along with governance powers, $BURP holders are also expected to receive interest as well as NFT rewards.
Further information on NFTs
Regardless of whether they’re active or not in the crypto community, both regular people and financial experts learned about the concepts of NFT in 2021. As a user-friendly, memeable version of a technology regarded as complicated over the last years, Non-Fungible tokens helped introduce the blockchain to mainstream audiences and raised a movement of conscientization on proof-of-work’s environmental dangers before Elon Musk infamously pronounced himself on the subject. This inspired the #CleanNFT movement and migration of artists towards proof-of-stake platforms, showcasing the community’s flexibility without putting a halt to its ability to attract capital.
Statistics report that around 57% of crypto users had never heard of NFTs before 2021. NFTs are primarily used in gaming (33%) and as collectables (47%).
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