May 2, 2023
Metacade raises $1M in hours in final presale stage despite SECâ€™s Wells Notice to Coinbase
Metacade, a blockchain-based gaming platform, has raised $1 million in just a few hours during its final presale stage, despite the Securities and Exchange Commission (SEC) issuing a Wells Notice to Coinbase, one of the platform's partners.
The Wells Notice is a legal document that indicates the SEC is considering taking enforcement action against Coinbase for its proposed lending product. The SEC has argued that the product is a security and therefore subject to regulation.
Despite this, Metacade's presale was a resounding success, with investors flocking to the platform to get in on the ground floor. The platform's unique approach to gaming, which combines blockchain technology with traditional gaming mechanics, has attracted a lot of attention from both gamers and investors alike.
Metacade's CEO, John Linden, said that the success of the presale was a testament to the platform's vision and the hard work of its team. We're thrilled to see such strong support for our platform, even in the face of regulatory uncertainty, he said.
Linden also noted that Metacade is committed to complying with all applicable regulations and working with regulators to ensure that its platform is fully compliant. We believe that blockchain technology has the potential to revolutionize the gaming industry, and we're committed to doing it in a way that is responsible and compliant, he said.
Metacade's platform allows gamers to earn cryptocurrency by playing games, which can then be used to purchase in-game items or traded on cryptocurrency exchanges. The platform also allows game developers to create and monetize their own games using blockchain technology.
The success of Metacade's presale is a clear indication that investors are bullish on the future of blockchain-based gaming. As more and more gamers turn to blockchain-based platforms, the potential for growth in this industry is enormous.
Despite the regulatory uncertainty surrounding the industry, Metacade's success shows that there is still a lot of interest in blockchain-based gaming. As the industry continues to mature and regulators provide more clarity, we can expect to see even more growth in this exciting new space.