Work X is proud to announce the establishment of the WORK Ecosystem Development Fund. Over the past weeks, the team has partnered with TGE Ventures to secure a structured financing facility of up to $10M. The primary purpose of this fund is to guarantee access to growth capital for the next 36 months. With the current and future access to capital, Work X is able to guarantee the development of its long-term vision and roadmap.
Allocation of capital
Over the course of the next 36 months, capital will be drawn down in tranches according to the requirements of the project. As Work X has an extensive roadmap to complete the development of the ‘Internet of Jobs’, the drawdowns and capital allocation will be spread over time. However, given the importance of the $WORK token, current momentum, and projected growth, a portion of the capital will be allocated in the short term. Work X will allocate this capital starting today towards multi-chain exchange listings, marketing, liquidity provisioning, and the expansion of token utilities to create a highly liquid market.
Collaboration with exchanges
As the $WORK token serves a fundamental role in the ecosystem of Work X, we work closely with exchanges to realize the global availability of the token. Therefore, the WORK Ecosystem Development fund has been established in collaboration with the (upcoming) exchanges listing $WORK.
Corporate integration
Besides Work X’s dedication to growing its token ecosystem, the financing facility is also allowing us to accelerate the integration process of corporate enterprises that are interested in using Work X. As large corporate organizations are often using a wide variety of different ERP and ATS systems, there is a challenge to onboard them efficiently. One of the most important reasons to secure this financing facility is to upscale our integration resources to strive for fast adoption of the Work X platform and WORK token.
Acquisitions
Every new platform faces the challenge of unlocking network effects to find users and realize adoption. It is a classic ‘chicken and egg problem’ questioning what side of the user adoption comes first and accelerates the other, supply or demand? Although Work X has a lot of traction on the supply side with corporate and institutional collaborations, it is also important to invest in acquiring talent. Besides structural marketing and growth hacking campaigns that are planned in the near future, Work X is also committed to acquiring existing job and talent boards or other HR Tech start-ups to accelerate the adoption of Work X.
Team expansion
Given the rapid growth of Work X, Work X is hiring! In the next few weeks, the team will be posting open job positions in the fields of software development, business development, customer support, community management, and more! Are you interested in joining our team? Stay tuned for more details!
Conclusion
Work X has been on an upward trajectory with the listing on KuCoin, one of the industry’s top exchanges, back on December 5th. Initially launching at a $20M FDV, the WORK token grew to a $210M FDV after just two weeks of being publicly traded, having since created a price support in the $40M range.
Given the establishment of the development fund, future plans, and the global cryptocurrency market cap nearing $2T, CEO Rik Rapmund believes that Work X will be able to exponentially scale the business and capitalize on the anticipated macro growth of the market to become one of the major decentralized job platforms in the industry.
