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- Ethereum and Polygon-backed NFT trading outfit Tegro has secured $100 million in funding in a seed round.
- The protocol plans to revolutionize and simplify NFT trading.
A Non-Fungible Token (NFT) exchange known as Tegro has secured $100 million in a seed funding round which also saw the valuation of the firm jump to $100 million. The Polygon and Ethereum-powered NFT startup was co-founded by the former founder of crypto exchange WazirX, Siddharth Menon, and the founder of fitness startup OGA Fit, Ashish Rawat. The funding round was backed by Polygon investors and several private investors.
Based on the released statement, the Tegro exchange platform permits bulk trading of NFTs across Ethereum, Polygon, and other EVM-compatible chains. Therefore, users can trade NFTs on the platform for as low as $0.02. Tegro is designed to support the decentralized NFT-20 protocol. This protocol helps users set up and manage decentralized markets for non-fungible tokens.
On the other hand, these markets provide certain services like liquidity, pricing, and order matching. Users are also empowered to follow up on their portfolios and supervise the value of their NFTs. Co-founder Rawat, who is also Tegro’s Chief Operating Officer (COO) explained the mission of the exchange in the long term. In her opinion, Tegro looks forward to a time when traders will trade NFTs with ease. The COO said;
Our ultimate mission is to onboard 100 million users into the world of NFT trading through Tegro exchange. Tegro envisions a future where NFTs are easily tradable by traders worldwide,
Polygon Ventures’ head of investments Shreyansh Singh explained that the expansion of liquidity between 15 cross-chain NFT markets causes Tegro to deliver to traders the same level of convenience and simplicity that fungible token offers.
The Polygon executive also expressed excitement and intense support for the collaboration with Tegro. Singh believes that Tegro is capable of revolutionizing the global NFT market by making it as fast, cost-efficient, and seamless as possible.
Tegro Targets More Innovation For NFT Traders
Tegro has exhibited excellent capabilities since its launch. In the first month of operation, notable gaming projects on the platform, such as CropBytes, MetaStar Strikers, and MetaSaga Warriors experienced up to 100x increase in their trading volume. Around this time, Tegro’s daily volume soared beyond $75,000. The company has declared its intention to keep up with innovations in the NFT trading ecosystem.
Markedly, Tegro is focused on providing NFT traders with cutting-edge tools and technologies to make trading processes easier to conduct. In the near future, the NFT20 exchange is hoping to announce several huge partnership deals as well as a massive airdrop campaign for its community.
It is not certain how the funds raised by Tegro will influence the broad crypto market, however, Bitcoin (BTC) has been performing relatively well since news of the BlackRock spot BTC Exchange Traded Fund (ETF) application started making rounds. ETH has signaled a bull run, according to data from Santiment and the new platform has the tendency to contribute to the upsurge.
