BetaBlocks, a Miami startup that creates online marketplaces for digital assets like NFTs, has plans to scale after securing $1.5 million in seed funding.
The startup will use the capital to grow its product and engineering teams in Miami and Brazil, where it recently opened its first international office. Founded in 2018, BetaBlocks' platform provides ready-made templates for companies that sell digital art, music, videos and more as non-fungible tokens (NFTs). It also allows for the minting and auctioning of those assets.
An NFT is a unit of data stored on blockchain, a digital ledger that certifies an asset is one of a kind and can't be replaced with a copy. While copies may be available for anyone to obtain, NFTs are tracked on blockchain to provide the owner with proof of ownership. The tokens can be used to represent a host of virtual collectibles, including everything from art to sports trading cards.
"In addition to the current hype surrounding NFTs, we believe that most existing assets such as stocks, debt, real estate, art, and other physical goods will be tokenized," said BetaBlocks CEO Roberto Machado.
BetaBlocks used to have an office in Wynwood but is now a fully remote venture.
The startup's seed funding round was led by Brazil-based venture capital firm, E3 Negócios, Miami-based Ocean Azul Partners and SaaS Ventures, an investment firm headquartered between Miami and Washington, D.C. BetaBlocks reports it has helped companies like Plantation-based Magic Leap navigate digital asset and privacy issues.
As part of the investment, E3 Investment Director Bruno dos Santos will join BetaBlocks board of directors. Salomon Sredni, a partner at Oceal Azil, will take a board observer seat.
BetaBlocks is among a wave of blockchain and cryptocurrency ventures to expand to Miami this year after Mayor Francis Suarez, a vocal advocate, began to recruit those companies to the city. It's part of a local push to make Miami a global hub for the $2 trillion industry and rebrand the region as one of the fintech capitals of the world.
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