• Obligate, a blockchain-based debt securities platform, has raised $4 million in a seed extension round.
• The funds will be used to scale the platform, which is set to go live on the Polygon blockchain next month.
• The investors in the round included Blockchange Ventures, Circle Ventures, Earlybird, and SIX Fintech Ventures.

Obligate, a startup offering blockchain-based regulated debt securities, recently announced the closing of a $4 million seed extension round. The funds will be used to scale the platform, which is set to go live next month on the Polygon blockchain, and will allow companies to issue debt securities such as bonds and commercial paper in a regulated decentralized finance (DeFi) environment. The investors in the round included Blockchange Ventures, Circle Ventures, Earlybird, and SIX Fintech Ventures. Combined with its initial fundraise in late 2021, Obligate’s seed round now totals more than $8.5 million.

Obligate was formerly known as FQX, and its platform enables companies to access an alternative route of fundraising. This could become particularly attractive as venture capital firms and traditional finance (TradFi) investors become more cautious following the collapse of multibillion-dollar centralized crypto exchange FTX.

The company’s co-founder and CEO, Benedikt Schuppli, believes that Obligate offers the best of both worlds. He says the platform “combines the benefits of DeFi with the trust and regulation of TradFi”. It enables companies to raise money through debt securities while still being compliant with existing regulations.

The investors in the round clearly saw the potential of Obligate’s platform. Blockchange Ventures partner, Ran Senderovitz, said that “Obligate is a prime example of the potential of tokenized debt in the DeFi space. We are excited to be investing in the team and the platform, and we look forward to seeing them disrupt the venture capital and traditional finance industries.”

The funds from the seed extension round will be used to expand Obligate’s team and to continue the development of the platform. With the launch of the platform on the Polygon blockchain, companies will be able to access a new and innovative way to raise funds. It will be interesting to see how Obligate’s platform is received by the market and how it will change the venture capital and finance industries.

Summary:
• Yuga Labs released an NFT project within the Bored Ape Yacht Club ecosystem called Sewer Passes, with over 4,000 ETH (over $6 million) in total sales volume in the first hours.
• Sewer Passes act as the key to playing a skill-based game called Dookey Dash from Jan. 19 to Feb. 8.
• Scores accumulated from gameplay will be part of a broader narrative experience called “Chapter 1” at a later date.

On Wednesday, Bored Ape Yacht Club parent company, Yuga Labs, announced the release of their newest non-fungible token (NFT) project – Sewer Passes. This project was met with an overwhelmingly positive response, resulting in over 4,000 ETH (over $6 million) in total sales volume in just the first few hours.

The Sewer Passes are an integral part of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystems, and act as the key to a skill-based game called Dookey Dash. Those who held a BAYC or MAYC NFT were eligible to claim a free Sewer Pass, while the others were available for purchase on the secondary marketplace. The game will be available for play from Jan. 19 to Feb. 8, and any scores accumulated during game play will be part of a broader narrative experience called “Chapter 1” at a later date.

In addition to the Sewer Passes, the project also features four tiers of NFTs, each with varying levels of rarity. These tiers are based on whether the holder of a BAYC or MAYC NFT also holds a certain amount of BAYC or MAYC tokens. The four tiers are Bronze, Silver, Gold, and Platinum, and each tier grants holders access to different rewards in Dookey Dash as well as exclusive NFTs.

The success of the Sewer Passes is a testament to the increasing popularity of NFTs and their ability to capture the imaginations of digital collectors. It also speaks to the potential of the Bored Ape Yacht Club and Mutant Ape Yacht Club ecosystems, and the ability of Yuga Labs to create immersive experiences that bring a sense of fun and excitement to the world of NFTs. With the launch of the Sewer Passes, Yuga Labs has set a new standard for NFT projects, and it will be exciting to see what comes next.