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.”
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Featured Image: Shutterstock/KeremGogus