Singapore-based blockchain startup SUBX FINANCE LAB raises $1.2 million via Initial Exchange Offering (IEO).
What SUBX FINANCE LAB Does?
SUBX FINANCE LAB is a blockchain-as-a-service provider for businesses to integrate web3 technologies into their products and services.
The firm provides businesses with the tools to innovate with blockchain, metaverse and decentralized finance (DeFi) technology.
Blockchain Technology Adoption To Grow Exponentially In The Coming Years
According to an analysis by International Data Corporation (IDC), Organizations are forecast to spend nearly $6.6 billion on blockchain solutions in 2021, an increase of more than 50% compared to previous year.
IDC also predicts that the global blockchain spending will continue to see strong growth during 2020-2024 with a five-year compound annual growth rate (CAGR) of 48.0%.
Another report from Gartner forecasts that the business value generated by blockchain technology will grow rapidly, reaching $176 billion by 2025 and $3.1 trillion by 2030.
SUBX Offerings
Founded by tech consultants Adam Ihsan and Joe Kawai, the firm has the vision to drive the effective adoption of blockchain technology in a fast and cost-effective manner. Their products are easy-to-deploy and can be integrated into existing products and processes, allowing businesses of all sectors to leverage this new technology.
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SUBX has launched two products and is on schedule to release ten more in the coming months. Their products include a no-code NFT minting solution and a no-code platform for businesses to create their custom blockchain token.
More information about their products can be found on their whitepaper at https://subx.finance/wp.
These products are also compatible with the most popular blockchain networks. This includes the Ethereum network, Binance Smart Chain, Polygon Network, and the new Cronos Chain operated by Crypto.com. The firm is also releasing a white-label platform where businesses and individuals can resell products under their own brand.
SUBX ($SFX) Initial Exchange Offering (IEO)
$SFX is the native token of SUBX FINANCE LAB. In November, SUBX listed an initial exchange offering (IEO) and was over- subscribed – filling their hard cap of $1.2 million in less than 3 minutes.
Businesses can purchase $SFX to access its products. Individuals can also purchase and stake the tokens, receiving 80% APY in rewards. $SFX can be purchased on Pancakeswap and the Probit Global Exchange – and soon with VISA and MASTERCARD.
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SUBX CEO Adam Ihsan said in an interview that the firm would focus on forming high-profile partnerships with enterprises around the globe. They will also tighten the integration of their products, ensuring that $SFX plays a central role in their ecosystem – with the intention to super-scale the price action of $SFX.
The blockchain startup have put together a 15-person team within a month, hiring the brightest minds from management consulting and big tech.
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