OKX, KuCoin back web3 social network UXLINK in $9m funding round

Web3 social network UXLINK revealed that it has raised $9 million in a funding round supported by private crypto and publicly listed companies.

Singapore-headquartered web3 social startup UXLINK has attracted $9 million in capital from a group of investors as its user base has reached 3.5 million users.

According to a press release shared with crypto.news, UXLINK secured funding from a group of investors led by OKX Ventures. Other investors like Web3Port Foundation, Cypher Capital, Kucoin Ventures, Gate Labs, and Matrixport Ventures also participated in the funding. However, the valuation of the startup following the funding round was not disclosed.

“This innovative concept merges social networking and transactions, creating a robust ecosystem where people can fully leverage their digital assets.”

OKX Ventures Founder Dora Yue

UXLINK added it may seek further funding prior to its token generation event, reflecting the ongoing interest in its growth trajectory. With the proceedings, UXLINK plans to launch the so-called “Social Liquidity Chain,” which would utilize Optimism and EigenDA technologies to support third-party developments.

Since its inception in April 2023, UXLINK has reportedly amassed over 3.5 million verified users and boasts more than 75,000 decentralized groups across Southeast Asia, the Middle East, Europe, South Asia, and Africa. The startup basically doubles down on a new approach to social finance, bridging real-world trust dynamics with decentralized applications through its web3 “UXGroups” on Telegram.