Promote the development of educational tools
TinyTap, which provides a platform for educational tools under the umbrella of major Web3 company Animoka Brands, has raised about 1.13 billion yen ($8.5 million) in funding.
At the time of writing this article, the official announcement in the document cannot be confirmed, but the company’s official Twitter account announced the investor on the 25th, and retweeted articles from overseas media that reported on this funding. Sequoia China, Shima Capital, Polygon (MATIC) and GameFi Ventures also invested in this funding round.
According to The Block, which interviewed TinyTap CEO Yogev Shelly, this brings TinyTap’s valuation to about ¥13.3 billion ($100 million). The funding was carried out with a contract to receive shares and tokens in the future.
Regarding the token issuance, Shelly said, “At the end of the fundraising, we still have no concrete plans to share with investors. We focused on how Tokenomics could benefit education and creators. only,” he said.
According to Insider, the funds raised will be used to increase the number of employees and develop the product. The fundraising, which started in October last year, took longer than planned due to uncertainties in the cryptocurrency space. According to The Block, some investors pulled out because of FTX’s bankruptcy.
What is TinyTap
TinyTap is a company that aims to provide personalized education. He believes that people can teach and learn anything given the tools that meet their specific needs.
The company’s platform is aimed at children, parents and teachers. Children can not only play educational games, but also create games.
One of the reasons why TinyTap’s latest funding is noteworthy is Binance’s IEO (Initial Exchange Offering). TinyTap has entered into a partnership with Open Campus (EDU), where Binance announced a talk sale on the 21st.
Open Campus is also an educational project. TinyTap’s core team has been involved in Open Campus protocol development since the beginning.
According to an Open Campus tweet on the 21st, TinyTap will leverage the Open Campus protocol and EDU tokens in future projects.
3/ @TinyTapAB is the anchor Launch Partner of the Open Campus Protocol and the core team has been supporting the development of the Protocol since Day 1. 100% of TinyTap’s future Web3 project will adopt Open Campus Protocol and the $EDU token🙌
—Open Campus (@opencampus_xyz) April 21, 2023
What is IEO
A mechanism in which a cryptocurrency exchange supports fund procurement using tokens developed and issued by a project. Tokens are sold through exchanges, which has the advantage of being highly reliable for investors.
connection: What is IEO, a new method of raising funds for cryptocurrencies | Explaining the differences and advantages from ICOs