NBA’s Spencer Dinwiddie Raises $26M for Social Token Platform Calaxy

The platform lets fans connect with high-profile creators through video messages.

AccessTimeIconJun 7, 2022 at 1:00 p.m. UTC
Updated May 11, 2023 at 4:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Calaxy, the social token startup co-founded by NBA star Spencer Dinwiddie, has raised $26 million to expand its operations, the company announced Tuesday.

The funding round was led by HBAR Foundation and Animoca Brands, with Polygon also participating.

  • Philadelphia 76ers President on Crypto Ad Patch Deal With Crypto.com
    09:28
    Philadelphia 76ers President on Crypto Ad Patch Deal With Crypto.com
  • European Football NFT Platform Sorare Raises $680M Series B
    04:32
    European Football NFT Platform Sorare Raises $680M Series B
  • NFL Quarterback Matt Barkley’s Crypto Journey
    03:42
    NFL Quarterback Matt Barkley’s Crypto Journey
  • Matt Barkley’s Advice for Professional Athletes Entering the Crypto Market
    05:30
    Matt Barkley’s Advice for Professional Athletes Entering the Crypto Market
  • The platform allows fans to connect with high-profile creators by purchasing video messages, online classes, video calls and fan club subscriptions.

    The interface intentionally puts the crypto components of the platform out of sight, in a bid to attract mainstream users and celebrities who are not crypto natives.

    Solo Ceesay, the company’s co-founder along with Dinwiddie, says he sees Calaxy as an emerging “Web 2.5” product, allowing mainstream users to interact with blockchain services without having to have an understanding of the underlying tech.

    “If everyone had to be an engineer to drive a car, we’d have a lot less people driving cars,” Ceesay told CoinDesk in an interview. “We took social token technology, but then also took the utility that you find from already validated Web 2 social platforms focused on monetization.”

    While the social token landscape is still relatively fresh, Calaxy will have to compete with the same Web 2 platforms it takes influence from, with both OnlyFans and Cameo launching Web 3 bids of their own to integrate non-fungible tokens (NFTs).

    Calaxy had previously raised a $7.5 million funding round in June, with participation from NFL star Ezekiel Elliott and Matt James from “The Bachelor.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.