Cryptocurrency An altcoin focused on the NFT sector managed to continue to rise, while its markets somehow continued to recover or continue to decline.
Immutable X (IMX)is designed as a scaling solution for Ethereum NFTs that aims to provide users with near instant and extremely low fee transactions. According to the project, the Immutable X working engine was designed to allow 9,000 operations per second. The project’s native token, IMX, is available for staking, fees, and governance.
Last week, Immutable X received $200 million in funding led by state-backed Singaporean holding company Temasek. Following the news of the funding increase, IMX started a sizable rally, jumping 79% from $1.10 on March 7 to $1.97 on March 13 in less than a week. In the same time frame, Bitcoin and Ethereum traded almost entirely sideways.
At the time of writing, IMX was trading at $1.71, although it was down on the day, but still up about 50% weekly.
According to a press release published Immutable Xwill use the new capital to work on its global expansion plans, accelerate its growth and scale the company’s game development division, Immutable Gaming Studio.
The company also announced that a new manager has been added to their team to support “rapid expansion.” Companies currently building on Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports, and Gary Vee (Vee Friends).
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.