“Baxus Raises $5 Million in Funding Led by Multicoin Capital”

Baxus Raises $5 Million in Funding Round Led by Multicoin Capital

Baxus, a blockchain marketplace for spirits, has successfully secured $5 million in a recent funding round. The funding was led by Multicoin Capital, with participation from Solana Ventures, FJ Labs, and other investors.

The funding will enable Baxus to further its mission of bringing liquidity and transparency to the global luxury wine & spirits market, which is valued at $470 billion. The marketplace aims to modernize the collectible spirits market by creating a liquid platform that connects buyers and sellers seamlessly.

Key Points:
– $5 million funding round led by Multicoin Capital
– Investors include Solana Ventures, FJ Labs, and others
– Marketplace aims to bring liquidity and transparency to the luxury spirits market
– Buyers incur no additional fees, with a 10% fee deducted upon successful sale
– NFTs minted on Solana validate ownership of spirits purchased on the platform
– Assets securely stored in temperature and humidity-controlled vaults across the U.S.

Baxus ensures that buyers on their platform do not face any additional fees beyond the listed price. A flat 10% fee is only deducted when an item is successfully sold. Buyers receive an NFT minted on Solana to validate their ownership of the purchased spirits.

When the NFT is redeemed for the physical bottle or barrel of whiskey, it is invalidated, and the product is removed from the platform. Baxus stores all assets securely in temperature and humidity-controlled vaults located across the U.S.

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