Alex Dolesky believed that his startup push to “finance” the sleepy uranium spot market would be a hit as core energy is a global comeback. All the tokenized Yellowcake looks more like gold.
Months after neting its first 1.7 million dollars from venture investors, Uranium Digital raised an additional $ 6.1 million in a round of seeds led by frames Ventures.
The funding will accelerate Uranium Digital’s construction of a spot trading platform for uranium that uses cryptoinfrastructure on backend. It claims to be the first institutional market-crypto-driven or not-not-by a critical pure energy raw material that confusing does not enjoy the same light trade in its dirty comrades, coal, natural gas and oil.
A radioactive blend of high rules and low mainstream demand stymmet past the appearance of a robust uranium stain market, Dolesky said in an interview. While the strict rules of who can take the settlement of Yellowcake, a powdered form of uranium oxide concentrate does not go anywhere, the global demand for core energy takes care of the rest.
Nuclear power is on its comeback tour. The energy source, once mocked by unfortunate disasters – most recently Fukushima degradation – emerges as an ointment for rapidly rising electrical needs. The wave is burning new -founded interest from investors and institutions of an accessible spot market.
In Crypto Dolesky, he said he has found an effective way to create the first one. He says he “abstracts away” the usual pain points of trade in on-chain, so uranium digital will look and feel well known to institutional clients.
“Crypto shines for efficiency, speed and execution – it’s a unique option,” he said.
As the platform approaches its launch date, Dolesky plans to pour more capital into its business and engineering teams.
He realized after the pre-seed that the company’s proposed solution had an even deeper well of potential users than he called his most optimistic projections. To meet excess demand meant to move faster and raise more money.
“The answer we have received from the traditional market has been such that we are effectively going live before expected,” he said.
