Exclusive: BoxBet exits stealth mode after securing strategic financing

Investing.com -- Blockchain-powered iGaming platform BoxBet announced it has exited stealth mode after completing a funding round led by CMCC Global. 

CMCC, a $500 million venture capital firm backed by the Winklevoss twins and Richard Li’s Pacific Century Group, has previously funded key blockchain projects, including Solana . 

BoxBet plans to capitalize on Telegram’s vast user base of 900 million monthly active users, integrating its platform to offer a seamless gaming experience. Central to its ecosystem is the $BXBT token, a deflationary asset designed to align user participation with platform growth. 

As part of its launch strategy, the company is initiating a "Bet-to-Earn Airdrop," giving users a stake in its operations from the start.

The company said it intends to use the fresh funding to expand its presence in regulated markets by securing licenses and scaling operations. 

“The financing will support significant marketing initiatives, including partnerships with major sports franchises, to drive user acquisition and elevate brand visibility,” BoxBet said in a press release. 

Moreover, it will allow BoxBet to build out its team by recruiting talent from the iGaming and technology sectors to strengthen its execution capabilities.

“We’re impressed by the BoxBet team’s expertise and their ability to execute,” said Martin Baumann, Managing Partner at CMCC Global. “They have the potential to transform the iGaming sector and build a globally recognized platform that changes how users engage with betting.”

BoxBet has formed several strategic alliances, including a collaboration with a prominent privacy-focused browser in India and planned marketing initiatives with leading sports franchises across Latin America and Asia. 

Source: Investing.com