Torum, a social media platform specially designed for cryptocurrency users, announced that it had secured US$ 1.45 million during a private funding round. Launched on the 1st of July 2020, Torum emphasises gamification elements and token utility to bring the best crypto social experience to the space.

Based on Binance Smart Chain, Torum seeks to build the first crypto social media platform that is fully integrated with NFT and DeFi functionalities. Cryptocurrency users can stay connected with one another and gain access to every crypto-centric service on Torum.

With the resources and connection from its VC team, Torum said it is now able to venture into NFT and DeFi spaces and introduce innovative use cases continuously to the crypto industry.

The round was participated by 13 private investors which consist of AU21 Capital, Momentum 6, Lotus Capital, Consensus Lab, Redline Blockchain Capital, Waterdrip Capital, Angel One, Hotbit, Oasis Capital, N7 Labs, Skywater Capital, IDC and Worshipper Capital.

Torum said that in future, the platform strives to become the adoption bridge that connects the general public into the crypto industry.

XTM, the native token of Torum that is obtained as part of the ecosystem incentive can be used in at least 10 different purposes, including gift purchasing, content boosting and NFT trading.

They said that the revenue generated by the ecosystem will be redistributed back to the Torum community through various gamified methods designed by the team.