Revuto has announced the completion of a $1.7 million private round to support its development of a crypto subscription payment solution.
The project has further witnessed unparalleled community growth with more than 1 million sign-ups in 14 days.
Ahead of the May 18 public sale of Revuto’s native REVU token, Revuto has raised $1.7 million in a private round. Led by BlackDragon VC, the project was able to attract a number of notable blockchain investors. Revuto aims to use the funds to support the development of a crypto subscription payment solution on Cardano.
Revuto has witnessed huge demand not only from investors seeking to get involved with it but also from its growing community. In about two weeks, its app has recorded more than 1 million sign-ups through a referral program. BlackDragon highlighted the fast growth of the project in such a short time noting that it held great promise.
This is a huge boost ahead of the REVU public token sale. This will be announced by the team in a live event on YouTube today, May 18.
Revuto CEO Josipa Majic stated,
We’re grateful to our private investors, including BlackDragon, for believing in Revuto’s team and tech, and for sharing our vision of making crypto spendable in everyday life. Having the right funding and investors that back our long term vision is crucial, and thus we are delighted to achieve this milestone and are excited for what lies ahead,
The CEO further went on to talk about the upcoming token sale noting that “the stage is set for a successful launch of the Revuto app”. He further added;
This will bring crypto-powered subscription payments to a global audience, giving digital assets the same utility as fiat currency.
Building the future of subscriptions on Cardano
Revuto aims to leverage Cardano’s native tokens and DeFi to pay for subscriptions. This will ensure users save money regardless of crypto market conditions. Users can use the Revuto debit card or the built-in wallet that supports Cardano-native tokens.
By building on Cardano, Revuto is working with one of the fastest-growing ecosystems. The blockchain network is establishing itself as one of the most formidable in the industry by user numbers and developer interest. As Crypto News Flash reported, Cardano has been the outright leader in developer activity, recording almost twice the number of GitHub commits as its predecessor. Cardano is also seeing a rise in the number of applications on its blockchain as more users seek an alternative to the high fees and slow transaction speed on Ethereum.
For Revuto, the advantage will be twofold – not only is it building on Cardano, but it’s also targeting a vastly growing sector. According to market data, the subscription industry recorded a 66 percent growth in 2020. More growth is expected this year, with data showing that subscription businesses were growing at up to 8x the rate of the other businesses.
BlakcDragon, the VC that led the private round and which has also invested in other successful projects like Chainlink and Ziliqa, summed it up:
Revuto has shown unparalleled growth in a very short space of time and we’re excited to join its team in this journey and support Revuto and its native REVU token.
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