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Pallet Exchange, an NFT Marketplace, Raises $2.5M from Spartan Group and Symbolic Capital


NFT Marketplace

March 15, 2024


Pallet Exchange, an NFT marketplace, has secured $2.5M in a private funding round. This round included participation from Spartan Group, Symbolic Capital, Cypher Capital, Joe McCann (Asymmetric), Spencer Ventures, and various angel investors from organizations like Coinbase, Yield Guild Games, MoonPay, Futureproof, ex-Dragonfly, and ex-Pudgy Penguins. The funding is intended to support the company's growth and operational expansion.

Project

Latest Raise

Latest Raise

Stage

Total Raise

Lead Investor

Category

Pallet Exchange

Mar 14, 2024

$2.5M

Seed

$2.5M

Spartan Group

NFT Marketplace

Pallet Exchange operates on Sei, an L1 blockchain that launched last August with support from Jump Crypto and Multicoin Capital. The platform supports 404-token compatibility and hosts over 300 listed projects. It has crossed $2M in annual run rate. Since the beginning of the year, Pallet Exchange has recorded over 2M unique visitors and generated more than $20M in trading volume.


The platform was founded by UC Berkeley alumni Kelvin Wang and Davy Li, who previously established The Beacon, a game on Arbitrum. Their experience includes over $2M in primary NFT sales. Pallet Exchange was developed on Sei due to its parallel EVM-compatibility, low gas fees, and fast transaction speeds.


The new funding will be used to launch Sei v2, improve liquidity and platform retention, and introduce features like the 404-token standard. The platform plans to implement various social engagement tools, including native wallet-to-wallet messaging and a battlepass-style rewards program, to enhance user retention and engagement.


About Pallet Exchange:

Pallet Exchange enhances the NFT marketplace by integrating advanced features and prioritizing user experience. The platform aims to leverage Web3 technology to provide a seamless trading experience in the NFT ecosystem.

X Followers today:  28.7K



About Investor

Investor: Spartan Group

Spartan Group is an investment firm focused on early-stage investments in the blockchain and crypto sectors. The firm supports projects that contribute to the future of decentralized technologies.

Location: Singapore




A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.


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