An under-the-radar Adelaide-based web3 and crypto startup secured seed funding from FTX in 2022 as its StepN coin boasted a peak $2.4 billion valuation.
Leaked records show a South Australian web3, NFT and cryptocurrency start-up named StepN Find Satoshi Lab attracted investment from Alameda Ventures, the investment arm of now bankrupt crypto group FTX.
On April 28, about three months after the seed funding round from groups including Alameda, Sequoia Capital, Solana Capital and 6th Man Ventures, the StepN coin ballooned to an undiluted market cap of $US2.4 billion at a peak price of $US4.05. Mr Rong previously co-founded Crypto SA, a blockchain investment firm headquartered in Adelaide, where he’s described as an initial coin offering analyst and crypto connoisseur.The StepN website describes itself as a web3 lifestyle and gaming app that rewards users with StepN non-fungible tokens for walking, jogging and running outdoors.
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