Crypto analyst Alex Saunders is tracking a relatively obscure crypto asset that has caught the attention of Mike Novogratz’s Galaxy Digital.
Saunders is highlighting Galaxy Digital’s investment in RedFOX Labs (RFOX), which he has been telling his followers about since it was a $300,000 micro-cap.
“While your busy wondering what the next big alt play is, Novogratz and Galaxy Digital just invested in RedFOX Labs. The only Crypto Gaming, DeFi, dApp and NFT incubator in Southeast Asia. I’ve been shilling it to you since $300,000 market cap. It’s now a $30 million market cap.”
RFOX is an ERC-20 token. The company is introducing utility for the token with a December 22nd launch of the second-edition NFT collection for the mobile blockchain game KOGs.
The RFOX token will power the entire RedFOX ecosystem. RFOX will be used for trading fees, to develop liquidity pools, and for the creation of NFTs.
In a press release announcing the investment, Galaxy Digital vice president Jon Kol says that RedFOX labs provides the digital asset management firm with an opportunity to gain exposure to the Southeast Asian crypto market.
“We see Southeast Asia as a market with tremendous potential, and have been keen to get exposure for some time.
Working with RedFOX Labs gets us that exposure and allows us to learn from their expertise operating in the region.”
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KeremGogus
