By
Svetlana Soroka
September 25th, 2023
LABEL Foundation recently announced the completion of a strategic investment by Clesson with $2 million in equity funding, led by eBest Investment and Groom Investment.
LABEL Foundation, a firm with an unparalleled NFT platform built on the Ethereum protocol, has announced its debut on one of the four largest South Korean crypto exchanges – Coinone. The move validates the LABEL project as a leader in the NFT market, particularly in South Korea which is popularly known for its harsh crypto rules.
While most countries remain on the spectators’ side in regards to the cryptocurrency industry, South Korea has been very vocal and keen to regulate the industry.
In its recent crypto crackdown, around 60 crypto exchanges are at risk of closing in South Korea unless they register with the Financial Intelligence Unit by Sept 24. Failing to do so will result in a complete shutdown of the exchange.
The South Korean market has seen a shutdown in the face of strict regulatory movements. Most of the exchanges have seen the blackout as they were wiped out from the market due to their inability to comply with the imposed regulatory requirements.
Notably, LABEL Foundation recently announced the completion of a strategic investment by Clesson with $2 million in equity funding, led by eBest Investment and Groom Investment.
LABEL Foundation has reached approval from one of the largest exchanges in South Korea and received the listing spot with KRW (South Korean Currency) right after Clesson (the parent company) has received the equity funding from the 2 large investment funds, strongly established in the South Korean Market.
Label Foundation and the NFT Market
LABEL Foundation has been illustrating high-level traction and progress with their OPENTRACK content platform releasing its 2nd version and their partnership establishments with the industry leaders
Their further decentralization development with the release of their NFT infrastructure and marketplace will initiate the influx of secured IP rights that will be NFTized and offered to the users through the incubation platform.
The $LBL token that just got recognized by Coinone is an Ethereum-based utility and governance token.
The $LBL Token is primarily used to build the basic token economy on the LABEL platform by serving as a payment, staking, and governance unit.
Notably, $LBL token has a total supply of 3,000,000,000 units, with marketing, development each taking 25 percent while sales got 20 percent. The remaining is divided among ecosystems 15 percent, reserve 7 percent, team 5 percent and advisors 3 percent.
The foundation is led by Steven Douglas Pruitt who has envisioned revolutionizing the NFT industry through resource sharing.
