Immutable X Closes $200 Million Financing at $2.5 Billion Valuation

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Today’s Cryptocurrency Headline

Immutable X, Layer 2 for NFTs on Ethereum, completed a $200 million financing at a valuation of $2.5 billion, led by Temasek, and participating investors include Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings, etc. Robbie Ferguson, co-founder and president of Immutable X, said this round of financing will be used to invest in mergers and acquisitions. The company said it raised funds at a valuation of $410 million in its last funding round in 2021.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to CoinShare, digital asset investment products (crypto funds) saw their seventh consecutive week of net inflows last week, totalling about $127 million. BTC fell to an intraday low of $37,155 earlier in today’s session, which was its lowest point since February 28th. However, the price has since recovered from this point and is almost flat over the last 24 hours. The relative strength index (RSI) near 45 indicates a minor advantage to bears. If the bears manage to pull the price below the immediate support at $37,000, we could see a further decline.

 

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