Dubai’s MetaFi Raises $3M to Bring Social Trading to the Metaverse

Dubai metaverse company MetaFi has raised $3 million in a funding round valuing the web3 trading platform at $25 million.
Image source: metafi.org

Quick take:

  • Dubai-based metaverse firm MetaFi has raised $3 million valuing the web3 trading company at $25 million.
  • MetaFi’s metaverse trading platform will integrate social media applications including Twitter and Telegram.
  • The fundraising was backed by OKX Blockdream Ventures, Magnus Capital, Mintable Go Fund, and Athena Ventures, among others.

MetaFi has announced the successful completion of a $3 million funding round, which now valued the web3 trading platform at $25 million. The Dubai-based company wants to bring social trading to the metaverse by integrating social media apps like Twitter and Telegram.

Web3 companies have leveraged the same platforms to drive their growth strategies by encouraging crypto enthusiasts to indulge in market talk. 

The fundraising was backed by leading web3 venture capital firms including DoublePeak Group, Maven Capital, OKX Blockdream Ventures, Megala Ventures, Magnus Capital, Legion Ventures, SL2 Capital, X21 Digital, Good Games Guild, MetaGaming Guild, Mintable Go! Fund, and Athena Ventures, among others.

The company said it will use the funds to build its first core product dubbed the “Trading Metaverse”, which encompasses social trading experiences governed by its users. MetaFi has already whitelisted more than 94,000 people for the product launch later this year.

Commenting on the fundraising, Matt Danilaitis, Founder of MetaFi, said “Most trading platforms compete with nearly identical products. MetaFi reimagines the trader’s experience: making trading fun, engaging, and social. With the Trading World, MetaFi will aggregate major decentralized protocols with deep liquidity, wrapped in a new gamified trading environment, designed to be a seamless onramp for non-crypto audience.” 

The company is committed to bringing web3 asset trading to the masses, Danilaitis added.

Web3 is generally described as a next-generation internet that leverages artificial intelligence, blockchain technology, decentralised apps, and AR and VR devices to democratise ownership on the web.

Some of the assets that MetaFi will be supporting include non-fungible tokens (NFTs), in-game assets, gaming tokens and more.

MetaFi, short for Financial Metaverse is led by the software engineering lead, Arturas Bagdonas, former senior software engineer at CID GmbH and Ciao Lucas Alcantara, head of web3 engineering, who previously worked at ARK Ecosystem as a full stack engineer. Gianluca Spetale and rafael Silverio complete the quartet.

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