Romanian blockchain-powered social media app TOKHIT secures USD 100 mln for further development

TOKHIT, a gamified social media app developed by a Romanian startup, announced on Thursday, February 9, that it secured USD 100 million in funding from an international investment fund for further development.

TOKHIT didn't reveal the name of its new investor or the valuation at which the deal was closed. In early 2022, TOKHIT said it was valued at USD 155 million without providing other details.

Powered by blockchain and NFT technology, TOKHIT promotes itself as the platform where content creators, influencers and NFTs and crypto enthusiasts can monetize their social activity. The product uses its tokenized economy to empower users to monetize their work while providing multiple income streams for the company.

After a preliminary USD 100,000 seed investment and three rounds dedicated to token sales, this fresh round of funding worth USD 100 million is TOKHIT’s most significant so far. Capitalization will be conducted through TOKHIT Holding Switzerland, part of ODAS Group, which will coordinate all development and promotion activities at the global level.

“We are happy to announce this USD 100 million capitalization that confirms the strong growth perspectives for TOKHIT. Funds will be used to fuel further developments of the product on all devices, to strengthen the global reach and international ambitious goals in terms of user conversions and to support the listing on the crypto platforms,” said Andrei Ureche (Vandy), TOKHIT founder and CEO.

“TOKHIT will soon become that social environment where content creators, crypto investors, and NFT enthusiasts generate active and passive revenues by creating content, trading NFTs, staking HITT Tokens, accessing play-to-earn games, staking NFTs, or trading digital assets on the marketplace. As the product matures, they will find additional opportunities to earn monetary rewards by collaborating with brands, while active content creators will also be able to mint personalized coins/tokens and make them available for purchase,” he added.

TOKHIT was developed by two Romanian entrepreneurs from Cluj-Napoca, Andrei Ureche and Cristian Voaides. The app is now available for download on iOS devices, with upcoming developments aiming to make it available on all platforms.

(Photo source: TOKHIT)