Web3 social media app Calaxy raises $26M to revolutionize creator economy

  • Funding round co-led by industry giants The HBAR Foundation and Animoca Brands
  • Solo Ceesay named CEO of Web3 social media app co-founded by NBA star Spencer Dinwiddie

LOS ANGELES, June 7, 2022 /PRNewswire/ — Calaxiathe open social marketplace built for creators, by creators is set to reinvent the way celebrities and fans interact after a successful rise in $26 million in strategic financing. The HBAR Foundation and Animoca brands co-led the augmentation, with additional support from Polygon.

Co-founded by a tech entrepreneur Solo Ceesay and NBA star Spencer DinwiddieCalaxy features a sleek design and an intuitive interface like legacy social media platforms, but packs a bigger punch thanks to Web3’s distributed ledger technology.Hedera Hashgraph. The result is a digital experience that will set a new industry standard for how creators and fans can engage in a more interactive and equitable setting.

After serving as Chief Operating Officer since 2020, Solo Ceesay has been named Chief Executive Officer, succeeding Spencer Dinwiddie, who will serve as Executive Chairman. Solo brings top-notch financial experience to his new role of revolutionizing the creator economy. By attracting the influx of capital from strategic investors into the Calaxy project, Solo will cement an alternative revenue framework for Calaxy’s community of beloved creators. As a former securitization investment banker on Wall Street and a graduate of the Wharton School of Business, Solo will be a pioneer in keeping money flowing and ensuring that value is rightfully redirected into the hands of creators.

Solo Ceesay, co-founder and CEO of Calaxy, said: “My appointment as CEO and the success of this raise is proof that blockchain is paving the way for greater global equity and highlighting what can be accomplished as a 27-year-old black man.…decentralized technology will break down the barriers that legacy finance has cultivated. »

$26 million seems appropriate to honor my business partner Spencer– a number he wears with pride in his basketball career. I am grateful to him and the wider team at Calaxy for believing in my ability to foster fairer earnings for artists around the world. As CEO, I intend to drive Calaxy forward in realizing its vision for next-generation decentralized social media. Thank you to all of our partners and funders for their support to date.” Solo continued.

As the Calaxy app is poised to revolutionize the creator economy with this success $26 million raise, The Creator’s Galaxy Protocol on which it is built – a decentralized, permissionless protocol with open source governance – already has a total market capitalization of more than $500 million. The protocol is powered by the $CLXY token, of which one billion were hit in April 2022. The recent successful public and private sale of the $CLXY token provides greater distribution of protocol governance within The Creator’s Galaxy and will accelerate growth and support ecosystem expansion ahead of the highly anticipated launch of the Calaxy app. this summer.

Yat Siuco-founder and executive chairman of Animoca Brands, said, “Social media in its current form gives the user minimal rewards, and Calaxy seeks to subvert this model to generate greater user benefits. With his strong leadership and personalized mediation of fan experiences via Web3 while including digital collectibles in those experiences, we believe Calaxy could become one of the shining stars of tomorrow’s social media landscape.”

Shayne Higdonco-founder, executive director and CEO of the HBAR Foundation, said: “We are in the business of mass adoption culture and are thrilled to support Calaxy in its reinvention of the social media landscape. Creators are currently losing significant revenue to Big Tech – the State of Crypto Report 2022 from a16z illustrates this.According to the report, on average per Creator, NFTs are worth $174,000against meager checks cut by Web2 social platforms for about $600. Calaxy is a Web3 on-ramp for the general public and its mechanism for connecting fans directly to the creators they love is a game-changer for the industry.”

This strategic funding round follows Calaxy $7.5 million seed fundraising in 2021, which was backed by Animoca Brands, Red Beard Ventures, ArkStream Capital, NGC Ventures and Genesis Block Ventures, with backing from the NFL star Ezekiel ElliottThe baccalaureate matt jamesformer Head of Blockchain Strategy at PayPal Jonathan Padilla, NFL player Larry Ogunjobi and NBA coach Luke Walton.

Calaxy is social media…built differently.

About Calaxy Inc.

Calaxia is an app layer, an open social marketplace built for creators, by creators. Built and supported by a team of visionaries, and led by the co-founding NBA player Spencer Dinwiddie and tech entrepreneur Solo Ceesay, Calaxy is an entirely new take on the world of content creators, putting today’s fan at the center of the action.

Calaxy is reinventing the way people use social media: providing fans with more meaningful and fulfilling experiences. The app gives creators the ultimate toolkit to interact with their fans in one place and rewards fans for their engagement. https://twitter.com/CalaxyApp

About the Creator Galaxy Foundation

Using the Hedera network, an alternative to blockchain that harnesses the power of the hashgraph consensus algorithm, The Creator’s Galaxy Foundation is helping usher in the future of personal monetization and empowering the next wave of content creators to achieve financial freedom without need historically required trusted third parties. The Foundation helps manage the larger ecosystem and protocol based on Hedera that enables third-party developers and apps to create a fairer exchange of value and creators to build more intimate relationships with their fans, through easy standards to use for social media. tokens and collectibles (“NFT”).

SOURCE Calaxy Inc.

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