January 3, 2022 – Algonaut Capital Corporation, a Canadian company, is pleased to announce that it has raised a total USD$3.19 million towards the future development of the Algodex platform. Algonaut has received USD$2.64 million via token presales and USD$550,000 from an equity offering in the company.
Participants of the token sales and equity offerings include Borderless Capital, Executives at GoldenTree, Black Ventures, Elevate Community Ventures, OneBlock Labs, Existential Capital C.V., and other venture firms and individuals. The Algonaut team is thrilled by such great interest and support for the project and look forward to the upcoming Mainnet release of Algodex.
The distribution of Algodex Tokens is integral as Algodex approaches its Mainnet release, which is expected in the coming weeks of Q1 2022. The Algodex Tokens are created and distributed by a subsidiary of Algonaut and will be integrated into the Algodex platform. The proceeds from the offerings will be used to further develop the Algodex platform.
Algodex is a Virtual Asset Service Provider (VASP) that allows for users to buy and sell Algorand Standard Assets at the price set by the user. With Algodex’s order book model, a first for the Algorand ecosystem, users can now trade their assets via smart contract limit orders which allow for specific prices to be set. Once trading fees are implemented in mid-2022, a small portion of the fees collected from transactions on Algodex will be put in a pool that backs Algodex Tokens.
Algonaut Capital Corporation is the soon-to-be parent company of Algodev and the Algodex platform. More details on the merger will be announced upon its closing.
As the team continues to improve the Algodex platform and its user experience, all suggestions from the Algorand community are welcome. Algonaut can be reached at [email protected] with any valuable input or feedback for Algodex.
Jeff Callaway, CEO, Algonaut Capital Corporation
Alexander Trefonas, CEO, Algodev, Inc.