Web3 fintech startup Bliv.Club announced that it has raised an undisclosed amount of funding from Alpha Wave Ventures. The angel funding round also saw participation from Sumit Ghosh, co-Founder, Chingari; Ajeet Khurana, Founder, Reflexical; Rahul Pagidipati, CEO, Zebpay; Prashant Pitti, co-founder, EaseMyTrip.com, among others. The company, which aims to democratize access to Web3 ecosystem, is looking to deviate the funds towards building its platform.
One of the most prominent markets to rise from 2022 was the non-fungible token (NFT) market. The market size reached $45 billion globally, indicating an exponential rise compared with the market size of $100 million in 2020.
The company was set up by entrepreneurs Vikas Singh, Abhishek Kumar Gupta, and Mohammed Sirajuddin, in 2021. The primary issue that the co-founders decided to work together on was to solve the liquidity issue in the NFT market.
Liquidity, with respect to a transaction in the NFT market, is the ease with which they can be transacted within that network for cash in return. However, most trades made in NFTs don’t see cash. Buyers swap a token for another token or fractions of tokens representing another NFT on the same blockchain. This causes a liquidity problem since there is no cash transaction.
The company is building new-age financial instruments around NFTs, which are yet to be launched. These instruments would be derivatives around NFTs, and would scale the NFT Ecosystem.
Abhishek Kumar Gupta, co-founder, Bliv.Club, said, “We are thrilled to have such diverse and prominent investors backing us. Their insights, experience and learning will add immense value to Bliv.Club.”
Speaking on the investment in Bliv.Club, Tushar Behl, Alpha Wave Ventures, said the start-up is creating disruptive financial products on NFTs, creating unique financialization opportunities on top of the NFT asset class. “We are excited by the vision and experience of the founding team and are looking forward to this journey,” he said.
The Web3 fintech startup had also raised an undisclosed pre-seed funding from Sandeep Nailwal, co-founder of Polygon.