- Summary:
- XBorg realised an oversubscription, with the community-allocated seed round raising over $7 million, which ultimately had to be downsized.
XBorg, a Web3 firm working on a collaborative credentials platform, has reached its $2 million seed round community allocation in record time. With this financing, XBorg says it will be able to expand its infrastructure and application suite to serve a global audience of millions of gamers and fans.
Oversubscribed token sale and community enthusiasm
With XBorg, gamers can make their own unique online persona and have a more satisfying experience while using exceptional gaming applications. More than 8,300 investors expressed an interest in participating in the fundraising effort, resulting in $7M in soft commitments; however, XBorg ultimately opted to limit community allocation to $2M. This was done so that the company may keep the remaining $3 million in the $5 million seed round for strategic venture capital investors. With a release date set for late 2023, the $XBG coin is currently valued at $50 million.
XBorg Founder and CEO, Louis Regis reacted: “Allocating a large part of our seed round to our community showcases our support for this notion. The widespread enthusiasm of our community in the current market conditions has exceeded all of our expectations and demonstrates their trust in our vision to disrupt the gaming and fan engagement industry.”
With the help of some of the biggest names in esports, XBorg will be releasing its first app in the coming months. Team BDS, the reigning Rocket League champions, were the first of several teams to be announced.
Together with one of the largest esports groups, XBorg is launching the first application to use its credential infrastructure. The XBorg app will allow users to create a unique online identity, strengthen connections to their preferred online gaming communities, and gain access to premium content and features. Users can sign up for XBorg now to get a sneak peek at the finished product.
With the help of top-tier esports teams and influential gamers, XBorg plans to rapidly expand this year to become the industry standard for gaming credentials. If users wish to reap the benefits of this, they should be active members of the community who actively promote the ecosystem by inviting their friends to join.