Ethereum Scaling Altcoin Surges 79% in Just One Week After $200,000,000 Funding Raise

An altcoin focused on the non-fungible token (NFT) sector has surged while most of the digital asset markets consolidate or trend down.

Immutable X (IMX) is a scaling solution for Ethereum NFTs that aims to provide users with near-instant, low fee transactions.

According to the project, the Immutable X engine allows for 9,000 transactions per second. IMX, the project’s native token, can be used for staking, fees, and governance.

Last week, Immutable X locked in $200,000,000 in funding led by state-backed Singaporean holding company Temasek.

Following news of the funding raise, IMX kicked off a sizeable rally, jumping from $1.10 on March 7th to $1.97 by March 13th for a 79% rise in less than a week. In the same timeframe, Bitcoin and Ethereum traded almost completely flat.

At time of writing, IMX is priced at $1.71, down on the day but still nearly 50% up on the week.

According to a press release, Immutable X will use the new capital to work on its plans for global expansion, accelerate its growth, and scale the Immutable Gaming Studio, the company’s game development department.

It also hired a slew of new executives to support “rapid expansion.”

Companies currently building on Immutable X include GameStop, TikTok, Opensea, Ember Sword, Illuvium, GreenPark Sports, and Gary Vee (Vee Friends).

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Featured Image: Shutterstock/FrameStockFootages