Funds to the tune of $10 million were procured during token sales by WalletConnect, with support from LaunchX, CoinList, Echo, and private investors.
In a series of private token sales, the WalletConnect Foundation has successfully raised funds totaling $17 million. The sales, which took place on various platforms, saw strong demand for the WalletConnect Token (WCT).
The most notable sale was conducted on Bitget's LaunchX platform, where the Foundation reached its $4 million target within just two hours, with 40,000 investors committing over $170 million. This sale underscores the growing need for seamless on-chain connectivity and a proven product market fit-centric token with real fundamentals.
Another significant sale was the oversubscribed $500,000 private token sale on Echo, which sold out in 11 seconds. The WalletConnect sale on CoinList, a community round, also saw a commitment of $15.5 million towards a $4 million target.
Pedro Gomes, founder and director of the WalletConnect Foundation, expressed excitement for the next chapter in the WalletConnect journey. He believes that these resources will facilitate adoption and engagement as more Traditional Finance (TradFi) and the broader internet comes on-chain.
Gomes also stated that in a space crowded with vaporware, people are rallying behind real projects with true utility. He believes the growing WalletConnect community is a testament to the project's real utility.
The WalletConnect Foundation intends to use the fresh capital for expanding operations, growing its team, and supporting ecosystem initiatives. The company aims to benefit developers, node operators, and strategic partners.
An earlier airdrop distributed 50 million WCT tokens to 160,000 early adopters. The tokenomics of WalletConnect show that various allocations, including the Foundation Treasury, Team, Rewards Pool, Market Makers, Public Sale, and Private Sale, follow a vesting schedule that generally extends to 2028, using linear vesting to release tokens gradually.
As the WalletConnect network advances towards full permissionlessness, Gomes believes that the network is advancing towards a future where on-chain connectivity is seamless and accessible to all. The strong demand for the WCT token underscores the growing need for such a future.
- The successful $17 million fundraising by the WalletConnect Foundation through private token sales has attracted attention from various stakeholders, including technology enthusiasts, investors, and Traditional Finance (TradFi) communities.
- With the growing demand for the WalletConnect Token (WCT) demonstrated in oversubscribed sales, the WalletConnect Foundation plans to utilize the raised funds to expand operations, grow its team, and support ecosystem initiatives.
- As the WalletConnect network moves towards a future of seamless on-chain connectivity, the increasing interest in the WCT token highlights the need for technology that can bridge gaps between TradFi and the broader internet.
