Cosmochain attracts $2.5M investment from US hedge fund Ulysses Capital
On May 20th, blockchain-based social beauty platform Cosmochain (CEO Howon Song) announced that it attracted US$2.5M token investment from US hedge fund Ulysses Capital. This investment is meaningful, as the largest officially confirmed secondary token investment for a dApp project.
Ulysses Capital is an event-driven global hedge fund based in Los Angeles, United States, with an AUM of $1B. On this day, Ulysses disclosed that they will purchase $2.5M worth of Cosmochain's cryptocurrency, COSM.
Cosmochain, which attracted wide publicity through its partnership with Kakao and Samsung, operated its beta service "COSMEE", a blockchain-based reward dApp, from August through November of last year. During its three-month beta service, Cosmochain gained a lot of attention, gathering 150,000 users.
Cosmochain is planning to launch its official app service "FitsMe" within first half of this year. FitsMe, which can be thought of as an upgraded version of COSMEE, is a personalized beauty recommendation service. Based on users' past purchase data and preference data inputs, FitsMe recommends the optimal cosmetics product. FitsMe is also expecting a partnership with a global beauty brand.
Joon Lee of Ulysses Capital stated that "we are very cautious about investing in blockchain industry due to instability and risk inherent to an early market, but Cosmochain's business capability and vision have already been verified, so we could make a quick investment decision."
Cosmochain CEO Howon Song emphasized that "the significance lies in the fact that Cosmochain has received an investment from hedge fund, which are known to be strict with risk management", and stated that "with the official service launching ahead, we will focus on partnership which will enable service expansion, as well as attracting investment."
Cosmochain's token COSM is well-known as the cryptocurrency pre-installed in the hard-wallet integrated in Samsung Electronic's flagship smartphone Galaxy S10. Last December, Cosmochain has also been selected as a beauty dApp partner for Klaytn, which is Kakao's blockchain platform.
Cosmochain is a blockchain-based beauty project, that aims to build an ecosystem which enables the transfer of fair values between users and companies within the beauty industry. During its three-month pilot service from August to November, 2018, COSMEE recorded DAU of 30,000 and registered users of 150,000. Cosmochain's official service FitsMe is scheduled to launch within first half of 2019. Cosmochain plans to expand to overall lifestyle industry in the future.
Cosmochain Official Channels
Cosmochain Web: https://cosmochain.io/
Telegram (KOR): https://t.me/cosmochain_english
Telegram (ENG) : https://t.me/cosmochain_global
Medium : https://medium.com/Cosmochain