Blockchain technology has gained widespread adoption globally. Over the years, numerous firms from different niche industries have adopted the technology. According to the latest data from adult entertainment and media platform Taboo, the firm has successfully raised $10 million. The fundraising currently values the firm at $250 million.
A private family office spearheaded by a former senior executive from JP Morgan has taken the lead in an investment that will contribute funds towards various aspects of Tabooâ€™s operations. The raised capital will support the companyâ€™s growth, improve its products, enhance security measures, implement effective marketing strategies, and potentially pursue acquisitions.
The latest funding will help Taboo considerably expand and strengthen its global position. Speaking about the deal, the private office spokesperson commented on the media platform and its approach, â€śWe are excited to partner with TABOO and support its growth in the adult entertainment industryâ€¦. We see tremendous value in the platform and the doors it will open for TABOO to get listed on all top exchanges and create a global legacy.â€ť
Tabooâ€™s content production and distribution strategy has garnered significant attention, leading to the platform attracting nearly 50,000 on-chain holders. The company has exhibited consistent growth and achieved an impressive market capitalization of $600 million during its peak.
James Lambert, the CEO of Taboo, also expressed his enthusiasm for the million-dollar deal. He expressed his excitement, stating that the team is thrilled to have secured this funding. James also stressed that this will help Taboo ramp up to the level right after. â€śWe believe that blockchain and NFTs are the future of adult entertainment, and we are determined to lead the way.â€ť
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash