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SirWin
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SirWin

Web3 wine marketplace Baxus raises $5m from Multicoin Capital, Solana Ventures

web3-wine-marketplace-baxus-raises-5m-from-multicoin-capital-solana-ventures
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Web3 wine marketplace Baxus raises $5m from Multicoin Capital, Solana Ventures

Baxus, a marketplace for wine and spirits, has secured $5 million in a funding round led by Multicoin Capital.

Blockchain marketplace for spirits Baxus has announced a $5 million seed round led by Multicoin Capital with participation from Solana Ventures, and FJ Labs among others. In addition to Solana Ventures, Alex Kehaya and Austin Federa (from Solana Foundation) as well as Frank Chapparo (The Block) have also participated in the funding.

In an X announcement, the U.S.-based startup said the proceeds will enable the marketplace to continue its mission “to bring liquidity and transparency to the gargantuan $470 billion global luxury wine & spirits market.”

“Our goal to modernize the collectible spirits market by bringing it online and constructing a liquid marketplace that seamlessly connects buyers and sellers is embodied by our investors who come from the worlds of web3, traditional finance, and whiskey.”

Baxus

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.