Beauty Industry focused platform, Cosmochain has managed to bag a $2.5 million investment from the US hedge fund Ulysses Capital. This is the largest secondary investment for a dapp project till date. Cosmochain tweeted about the investment on Monday.
— Cosmochain(COSM) (@Cosmochain) May 20, 2019
Ulysses Capital is a Los Angeles based investment company, investing in innovative start-ups across the globe. The company has confirmed that it will be buying $2.5 million worth of Cosmochain’s native token COSM. Cosmochain first came to limelight soon after its beta launch, when it partnered with Samsung and Kakao. The network ran the COSMEE beta test between August and November 2018, during which the network was able to attract over 150,000 users.
In a blog post on Medium on Monday, the blockchain platform stated that it was planning to launch its official app service, FitsMe. The application, an upgraded version of COSMEE, will be a personalized beauty recommendation service, the platform further said. FitsMe will track and analyze a user’s past purchase records and recommend the best cosmetics product. It will also be entering a partnership with a global beauty brand by in the coming months, the network further added.
Commenting on the investment, Ulysses Capital representative Joon Lee said,
We are very cautious about investing in blockchain industry due to instability and risk inherent to an early market, but Cosmochain’s business capability and vision have already been verified, so we could make a quick investment decision.