By
Temitope Olatunji
April 18th, 2024
The Roll platform enables anyone to create their own social tokens which can be tailored to serve a number of roles in a digital community such as groups on various social media platforms.
Social token platform Roll has announced its recent successful completion of a $10 million Series A funding round led by IOSG Ventures.
According to a press release shared by the blockchain startup, the funding round drew participation from Animoca Brands, Alchemy, Huobi Ventures, Weekend Fund, Mischief Fund, Audacity, Longhash Ventures, Ruttenberg Gordon, Red Beard Venture, and Blue 9 Capital as well as new angels Wei Zhou (Binance), Jeff Zirlin (Axie Infinity), Michael Karnjanaprakorn (Otis), Hyung Kim (Line), Max Bernstein (Crowned Records), James Beshara (Tilt), Greg Isenberg and more. They join existing backers in Roll, which includes Galaxy Interactive, Hustle Fund, Gary Vaynerchuk, Trevor McFederies, Ryan Selkis, Balaji Srinivasan, and others.
According to the company, the new funding will be injected into building the growth of the platform through the addition of new members and in expanding the technical capabilities of what Roll can do. This is essentially necessary, especially seeing how prone the current Roll protocol is to attacks. Coinspeaker reported back in March that Roll experienced a massive attack, leading to a loss estimated at about $5.7 million.
The current funding round is billed to be invested in bringing additional brilliant minds that will not only be able to identify the source of risks but devise means to avert such mishaps.
Roll: Expanding the Capabilities of Social Token Offerings
Roll prides itself in hoping to help build the stripe for social tokens where these unique digital assets will be the backbone powering the broad-based communities that are built online. The Roll platform enables anyone to create their own social tokens which can be tailored to serve a number of roles in a digital community such as groups on various social media platforms.
The tokens can serve as a means to incentivize both platform owners, content creators, and loyal participants, or they can find uses in serving as a governance token to help communities make decisions.
“We think ownership as a feature of communities is going to be one of the biggest plays of the decade and social tokens will be right at the center. There will be thousands of platforms that mint, integrate and utilize social tokens. They’ll all require the right infrastructure to be successful and interoperable across the web,” Roll said in its funding round announcement adding that “Similar to Stripe’s positioning within e-commerce, Roll is developing the API infrastructure for creators, social platforms, fintechs, DAOs and whatever comes next to integrate social tokens seamlessly into their systems.”
Roll utilizes Ethereum blockchain’s smart contracts as the backbone of its social token infrastructure, giving a high level of trust through a stable and currently evolving blockchain network. The ultimate goal of Roll also revolves around the push for social tokens and decentralized finance (DeFi) to synergistically help in developing the actively growing creator economy.