HO CHI MINH CITY, Vietnam, Dec. 11, 2020 /PRNewswire/ -- Vietnam-based RedFOX Labs Joint Stock Company ('RedFOX') secured funding to further grow and develop its product offerings ahead of Decembers' 2nd Edition of KOGs, and it's much-anticipated game release.
RedFOX Labs welcomed the investment by Mike Novogratz led Galaxy Digital HK Trading Limited, as it prepares for a busy few months, including further venture launches.
RedFOX Labs is a blockchain venture builder based in Vietnam, that identifies and builds successful business models for the Southeast Asian markets. Despite the current low participation rate of residents in the internet economy, there are 360M internet users, 104M are aged 25 to 34. In 2019, the Southeast Asian internet economy saw US$100B in transaction volume and RedFOX Labs believes the market is poised to experience unprecedented growth in the coming years. The company's unique structure, as a venture builder, enables RedFOX Labs to quickly deploy and scale businesses that complement the greater ecosystem.
With E-commerce doubling YOY, RedFOX Labs has the opportunity to compete against local giants such as Lazada, Shopee, and Zilingo by leveraging blockchain technology to process faster, cheaper transactions and provide easier market entry points for the under-served. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and e-sports/gaming.
KOGs the mobile blockchain game, inspired by 90's schoolyard phenomenon POGs, is already the number one performing NFT collection to launch on the WAX platform and with the 2nd Edition set to launch on Dec.22.
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented, "As a venture builder focused on high growth ventures in the emerging Southeast Asian emerging markets, the ability to move with speed is imperative. We now go into rapid growth and scale phase and are firmly focused on being number one in each of our chosen industry sectors. This quarter we have started to gain momentum and are building a solid network and support base, to help us launch and scale a number of businesses in the region. The right partners allow us to accelerate our plans and to accomplish more than we could alone. "
Jon Kol of Galaxy's Principal Investments group commented, "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."
About RedFOX Labs
RedFOX Labs is a blockchain venture builder based in Vietnam, that identiﬁes and implements successful pure-play business models for the Southeast Asian markets. RedFOX Labs works to build, launch, and scale high growth ventures in Southeast Asia. Its focus is to unlock the true market potential of the digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and e-sports/gaming. RedFOX builds companies that promote Access, Adoption, and Application for the Internet Economy. The RedFOX team innovates with emerging technologies, differentiates with superior Customer Experience and Value, and maintains a relentless focus on Digital Inclusion.
For further information please visit: https://redfoxlabs.io/
About Galaxy Digital
Galaxy Digital, the parent company of Galaxy Digital Trading HK Limited, is a diversified financial services and investment management company in the digital asset, cryptocurrency, and blockchain technology sector. Additional information about Galaxy Digital's businesses and products is available on www.galaxydigital.io/
SOURCE RedFOX Labs