OKX and KuCoin lead $9M investment into UXLINK
UXLINK, a Web3 social network headquartered in Singapore, has announced a successful funding round raising $9 million, supported by a mix of private crypto and publicly listed companies including OKX and KuCoin.
UXLINK announced details of the funding round in a social media post published to X on March 13. The startup, known for its innovative approach to social networking merging with transactions, has seen its user base grow to 3.5 million users. Among the investors contributing to this round are OKX Ventures, Web3Port Foundation, Cypher Capital, KuCoin Ventures, Gate Labs and Matrixport Ventures. ZhenFund, 7UPDAO, Signum Capital, ECV and GGV Capital were also participants.
In a blog post Dora Yue, Founder of OKX Ventures, expressed enthusiasm about UXLINK's concept, stating:
"This innovative concept merges social networking and transactions, creating a robust ecosystem where people can fully leverage their digital assets."
Acquaintance-based social networking
Yue described UXLINK as a game-changer in the field of Web3 social infrastructure. The project differentiates itself by relying on acquaintance social networking. Other Web3 social protocols such as Farcaster, Nostr, Cyberconnect and Lens Protocol are structured around one way follower relationships between key opinion leaders (KOLs) and followers.
By contrast UXLINK takes a different approach, building a social network by placing emphasis on the existing social relationships of users with acquaintances. The idea is that real-life acquaintances are established through trust and implicate a much deeper personal connection by comparison with opinion leaders and followers.
Speaking to that unique approach, pseudonymous crypto trader and investor Bull Flash stated on X on March 13:
“Forget one-sided connections! UXLINK focuses on REAL-WORLD social interactions. Users can connect with each other AND with dApps in real-time through innovative Groups – a game-changer for web3. UXLINK is more than just a platform – it's a MOVEMENT.”
Potential for further funding
While the exact valuation post-funding remains undisclosed, UXLINK indicated a potential for further funding rounds before its token generation event, signaling continued investor interest in its growth trajectory.
With the freshly secured capital, UXLINK aims to introduce the "Social Liquidity Chain," leveraging Optimism and EigenDA technologies to support third-party developments. This initiative is expected to enhance the platform's capabilities and foster a more dynamic user experience.
Since its establishment in April 2023, UXLINK has seen rapid adoption, hosting more than 75,000 decentralized groups. The vast majority of its users are located in Southeast Asia, the Middle East, Europe, South Asia and Africa. The platform's unique approach to social finance, facilitated by its Web3 "UXGroups” on Telegram, emphasizes bridging real-world trust dynamics with decentralized applications.
In addition to being an investor in the company, last month the OKX Wallet was integrated with UXLINK in an effort to improve user experience, allowing UXLINK users to manage their Web3 assets more efficiently.
UXLINK's successful funding round underscores growing investor confidence in the potential of Web3 social networks and belief in their ability to revolutionize traditional social interactions and financial transactions. As the platform continues to expand and innovate, it is positioning itself to make further strides in reshaping the landscape of digital social interactions and finance.
