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Web3 Social Platform X.me Secures $30 Million Strategic Funding

The TikTok-style Web3 platform will use the investment to issue its native token through the X.me Foundation.

Summary

Web3 social media platform X.me, positioned as a blockchain-based alternative to TikTok, has completed a $30 million strategic funding round led by Tido Capital. Other participants included Genesis Capital, Alpha Capital, Rollman Management, Parallel Ventures, WAGMi Ventures, and Web 3 Vision. According to the company, the funds will primarily be utilized by the X.me Foundation to launch the platform's native token.

Terms & Concepts
  • Web3: A decentralized version of the internet that leverages blockchain technology, enabling peer-to-peer transactions without centralized intermediaries.
  • Native Token: A cryptocurrency created for and used within a specific blockchain project or ecosystem, often for governance, transaction fees, or rewards.
  • Strategic Funding Round: An investment phase aimed at securing capital from investors who can also provide strategic support and industry expertise.