Baxus, an innovative platform for wine and spirits, has successfully raised $5 million in funding with Multicoin Capital at the helm.
The blockchain marketplace for spirits, Baxus, has announced a $5 million seed round led by Multicoin Capital, along with support from Solana Ventures and FJ Labs, among others. Noteworthy participants include Alex Kehaya and Austin Federa from Solana Foundation, as well as Frank Chapparo from The Block.
In an official announcement, the U.S.-based startup shared that the funds will be instrumental in furthering its mission to revolutionize the massive $470 billion global luxury wine and spirits market by enhancing liquidity and transparency.
In a unique approach, Baxus ensures that buyers on their platform only pay the listed price without any additional fees, with a flat 10% fee deducted upon a successful sale. Customers who purchase spirits through Baxus receive a non-fungible token (NFT) minted on Solana to confirm ownership.
When the NFT is redeemed for the physical bottle or barrel of whiskey, the corresponding token becomes invalid, and the product is removed from the platform. Baxus guarantees secure storage of all assets in temperature and humidity-controlled vaults across the U.S.
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According to Baxus, buyers on their marketplace incur no additional fees beyond the listed price, with a flat 10% fee only being deducted upon the successful sale of an item. Consumers purchasing spirits through Baxus receive a non-fungible token (
NFT
) minted on Solana, validating ownership.
Upon redemption of the token for the physical bottle or barrel of whiskey, the corresponding NFT is invalidated, Baxus says, adding that the product is removed from the trading platform. The company assures that all assets are securely stored in its temperature and humidity-controlled vaults situated across the U.S.
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