Blockchain-based social beauty platform Cosmochain reported that it had secured 2.5 million U.S. dollars token investment from US hedge fund Ulysses Capital on 20 May.
Cosmochain headlined that Ulysses expressed confidence in Cosmochain team’s business capability and vision. This investment by Ulysses is the largest secondary investment for a decentralized application (dApp) project. Cosmochain clarified that Ulysses Capital is an event-driven global hedge fund based in Los Angeles, USA. The key highlight is that Ulysses would be purchasing 2.5 million U.S. dollars worth of Cosmochain’s cryptocurrency, COSM.
Cosmochain CEO Howon Song quoted –
“The significance lies in the fact that Cosmochain has received an investment from hedge fund, which are known to be strict with risk management. With the official service launching ahead, we will focus on partnership which will enable service expansion, as well as attracting investment.”
Cosmochain added that it attracted wide publicity through its partnership with Kakao and Samsung. This was during the phase when it operated its beta service “COSMEE”, a blockchain-based reward dApp, late last year. During its three-month beta service, Cosmochain gathered almost 150,000 users generating a lot of attention. Cosmochain further added its plan to launch its official app service “FitsMe” this year soon.
Cosmochain threw light on its service, FitsMe by informing that it was an upgraded version of COSMEE. In a nutshell, FitsMe is a personalized beauty recommendation service. Using elements of intelligence, FitsMe recommends the optimal cosmetics product. FitsMe achieves this based on customer past purchase data and preference data inputs. Cosmochain stated that FitsMe was also expecting to partner with a global beauty brand.
In March, Cosmochain officially joined Binance Info’s transparency initiative. By sharing project-related information such as progress reports on Binance Info, Cosmochain endeavored to keep the community informed. Binance Info is a cryptocurrency information platform, educating users with the latest comprehensive crypto market reports, news, and project rating data.
Cosmochain expressed that its token COSM is a well-known cryptocurrency pre-installed in the Samsung Electronic’s flagship smartphone Galaxy S10. Cosmochain has also been selected as a beauty dApp partner for Klaytn, which is Kakao’s blockchain platform. Cosmochain wrapped up by informing about its key industry engagements. Cosmochain is a blockchain-based beauty project, that aims to build a framework that enables to foster fair values between users and companies. Cosmochain conveyed its plan to expand to general lifestyle industry in the future.