New Delhi: Social network Taki has raised $3.45 million through 11 marquee global investors. The token-powered platform is slated to launch in India next month.
Cryptocurrency exchanges such as CoinDCX, Coinbase Ventures, FTX, OKX Blockdream, Solana Ventures, Formless Capital, Gemini Frontier Fund, Luno Expeditions, Huobi Ventures, Kraken Ventures and Roka Works participated in the round.
With increased investment through seed funding, Taki plans to accelerate technology and product development across critical operations, such as proactive team building, recruiting talent across functions, and marketing activities.
Taki is built on the Solana Blockchain, powered by the Solana Foundation, which enables Taki to offer fast and inexpensive transactions with low environmental impact and make them accessible to communities on a global scale.
Some of the funds will extend to product design, engineering, marketing, public and administrative activities (legal and financial), associations, and community development.
The company also aims to expand its presence in other key markets after its launch in India and invest in strengthening its network of innovators.
Sakina Arsiwala, co-founder of Taki, said Taki is a work of passion and an amalgamation of vision to bring a new dimension and meaning to social content consumption.
She added, “Taki is designed to be a high-tech, safe and secure product that enables social media enthusiasts to consume, monetize, share, transact and create a token-based content portfolio.”
Taki is an "EngageToEarn" product that integrates user coins with social media features to incentivize and reward activities that benefit the Taki community.
To make the platform more inclusive for existing and emerging communities, Taki said he created a $2.5 million Creators Fund to attract creators to Taki that can raise awareness and improve user engagement on the platform.
The $TAKI community token sale is planned by TAKI DAO at the end of April 2022 with the aim of enabling greater distribution of TAKI and promoting awareness of the Taki project.
Users earn $TAKI, a crypto token, by creating content that other users will enjoy and by commenting and liking posts. Taki also allows users to create their own user currency to build their individual economy on the platform.