By
Chainwire
April 23rd, 2024
The TABOO token was designed to serve as a major utility token to help every user of the platform to get the most utility from using the services.
TABOO, an adult entertainment platform, has raised a sum of $10 million in funding as it seeks expansion of its service offering using the power of blockchain technology. According to a press release shared with Coinspeaker, TABOO is now valued at $250 million following the funding round.
According to the announcement, the funding round for TABOO was led by a private family office headed by a former senior executive from American multinational investment banking giant JPMorgan Chase & Co (NYSE: JPM). The funding will serve multiple purposes in helping to reposition TABOO as the high-growth platform that it is designed to be.
The cash injection will be specifically pushed to boost the platform’s growth, improve its products, and enhance security measures. Additionally, it will be used to boost marketing efforts and pursue strategic acquisitions that can help in expanding the brand of the adult content platform.
That blockchain technology can be used to revitalize any industry is a fact that has been proven with many innovative decentralized applications that have been launched over the past few years. TABOO is designed to take care of a rather less penetrated industry in Web 3.0.
As a content creation platform, TABOO uses blockchain and Non-Fungible Tokens (NFT) to redefine curation and distribution. With the right capital base that it now boasts of, TABOO will explore new innovations that will help it expand its global market share while competing favorably.
The support for the digital currency and project by investors is a recognition of the unique fundamentals driving the platform which also translates to a viable stake in a protocol that has a ready market.
“We are excited to partner with TABOO and support its growth in the adult entertainment industry. We see tremendous value in the platform and the doors it will open for TABOO to get listed on all top exchanges and create a global legacy,” a spokesperson for the Family office said.
TABOO Funding: a Boost for the Token
The TABOO token was designed to serve as a major utility token to help every user of the platform to get the most utility from using the services. TABOO as a digital currency is set to benefit more from the funding round as the publicity the capital raise has introduced has made it gain more popularity among Web 3.0 users.
While it remains one of the digital currencies that has been well battered by the crypto winter, having touched a high of $600 million valuation at its peak, investors can be assured of the stability and long-term prospects for growth for the digital currency. With the target market and unending demand for its products, the founding team is optimistic the project can live up to its expectations in the long term.
“We are thrilled to have secured this funding, which will enable us to take TABOO to the next level,” said James, the CEO of TABOO further emphasized: “We believe that blockchain and NFTs are the future of adult entertainment, and we are determined to lead the way. This investment allows us to do just that and become a household name.”