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After explosive growth in February and March, and April, the hype for NFTs, non-fungible tokens, averaging over $100 million in sales per month, continues. Thanks to the rapid growth of this nascent industry, capital institutions and business incubators continue to invest in developing the infrastructure for artists to offer their unique creations directly to their public.
In particular, this week, the British on-off ramp for fiat currencies into the crypto space, CoinBurp, announced the successful securing of $2 million in funding for its upcoming NFT platform. Through an initial private round of financing led by AlphaBit, a fully regulated crypto-asset fund, and MoonRock Capital, a Blockchain Advisory practice based in London and Hamburg, the project is reportedly oversubscribed by over 1000%.
CoinBurp and Its Upcoming Platform
CoinBurp, which announced the first fiat and NFT wallet with the ability to connect to Decentralized Finance (DeFi) in March, is a cryptocurrency wallet with a non-custodial model, meaning that they do not hold users’ currencies at any point. CoinBurp caters mostly to British and European users, allowing them to buy, sell, and spend digital currencies. CoinBurp offers GBP instant deposits and withdrawals and EUR support. The wallet currently holds the “most-liked and trusted cryptocurrency platform” title in rating platform Trustpilot UK.
In CoinBurp’s new platform, users will be able to buy and sell NFTs directly from all the major NFT marketplaces, with the two most prominent ones currently being Hic Et Nunc and OpenSea. The fiat-enabled application is also supposed to allow users to connect with major DeFi platforms.
CoinBurp is regarded as an innovative player in the wallet space, currently also preparing for the launch of its utility token, Burp. The governance token is projected to help governance in an upcoming Decentralized Autonomous Organization set to take CoinBurp’s down the decentralization path. CoinBurp has also expressed interest in using the tokens to provide users with NFT and monetary rewards and incentives.
CEO Pete Wood said upon the announcement of the end of the funding round:
“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.”
NFTs as Evangelists for Blockchain Technology
Before NFTs went mainstream this 2021, the demand for them, in general, was considerably small. The most important NFT platform, OpenSea, managed to sell a comparatively small $1 million worth of these tokens in its best month of Q3 last year. While some prominent figures within the industry have considered NFT art as a frivolous use case for cryptocurrencies and blockchain technology, there is no doubt that innovation from any front is of great benefit to bring the underlying technology to the attention of the masses.