Blockchain Startup Ekta Receives IDR 891 Billion Funding from Global Emerging Markets
Blockchain technology development startup Ekta announced it raised $60 million (over 891 billion Rupiah) in funding from Global Emerging Markets, a New York-based alternative asset investment group.
The fund injection will be used to prepare a series of blockchain-powered products such as NFT marketplaces, hybrid crypto exchange platforms, blockchain-based games, and real estate investments.
“It will be used for the development of the Ekta ecosystem, the development of the plant-to-earn MetaTrees game, liquidity for the NFT marketplace and hybrid exchange, marketing, and building a technology team,” said Tanco.
The company stands as one of the most focused decentralized protocols for aligning blockchain with the physical world.
Headquartered in Bali, Indonesia, the company was founded by Berwin Tanco (CEO), and Jason Zheng (CMO), Yog Shrusti (CSO), and now has a total team of 75 people worldwide.
In his blog, the founders of Ekta have the vision to empower blockchain to give everyone the opportunity to live a better life.
To that end, Ekta leverages the power of blockchain to create a new and transparent ecosystem, allowing everyone from all backgrounds to participate. The mainnet that Ekta is developing, called EktaChain, tokenizes real-world assets, such as property, music, art and gold.
Ekta token holders will be able to transact and interact with financial products to grow their wealth, earn money by playing games, buying and selling digital and tangible assets. These products will later be combined in a super-app.
“This app will be a Web2 practice with a Web3 backbone, so people will easily get involved and don’t have to know that there is a crypto or blockchain behind it,” added Ekta CIO Sven Milder.
As is known lately the crypto market is bearish, giving an impact to most Web3 companies. However, Tanco remains optimistic, because the company has a unique proposition that will ultimately provide good benefits once the market recovers.
“We are in a very good position during this period of decline as we believe the next trend is blockchain bridging to the physical world and Ekta has been doing so since 2021.”
The company will create a cross-chain NFT platform for trading, staking and exchanging physical assets with digital asset representation.
The marketplace will serve as a bridge through which NFT developers and physical asset owners interact with other brands and individuals through their virtual collections.
Ekta is closely tied to real-world use cases, has utility and value, and is asset-backed when compared to similar players. The NFT marketplace, for example, will sell tokens that link real-world assets and values with projects offered on its platform.
MetaTrees, a blockchain-based game that allows players to earn crypto while playing an active role in conserving real-world natural resources.
Meanwhile, the Ekta Island, a 16 hectare land located near Bali, will be a blockchain-fueled physical space and will offer token fractional investment and access to ordinary people.
Ekta’s Mainstay Products
One of Ekta’s flagship products is the Ekta Portal, according to the company it is the world’s first endpoint node to reward operators with cryptocurrencies.
By activating the device via the portal, operators can start earning a daily reward of ten thousand Ekta tokens which will be divided by the number of active operators.
Having the NFT Portal Ekta automatically whitelists holders for all the platform offerings, such as Ekta Island and MetaTrees. By bringing blockchain solutions to traditional industries, businesses and physical assets, the company hopes to attract more people to the crypto world.
“While 10% of people on the internet hold crypto, we are targeting the next 10% by building true utility and value for them,” said Tanco.