Mega Matrix Corp. Announces Initial Closing of Its Private Placement and Raises $ 10 Million to Launch New Platform “MarsProtocol” to Develop New Business in Digital Assets Staking.
Mega Matrix Corp (“MTMT” or the “Company”) (NYSE American: MTMT), today announced that the Company closed its initial round of private placement (“Private Placement”) launched on December 23, 2022 and will issue an aggregate of 4,314,615 shares of Common Stock, at a price of $1.30 per share for aggregate gross of approximately $5.6 million. In addition, the Company had completed the private placement of $4.4 million previously in October 2022.
In the past 3 months, the Company raised over $10 million in total to develop its new business model in digital assets staking. The new business model is two-fold: engaging in solo-staking and providing staking as a service (“StaaS”). The Company has previously explored Solo-Staking in Q3 2022 and plans to pursue its StaaS under Saving Digital Pte. Ltd., the Company’s Singapore subsidiary.
Solo-Staking enables the Company to utilize its Ethereum (ETH) treasury to stake on the Ethereum beacon chain and to earn ETH-denominated rewards directly from the Ethereum protocol. The Company will operate StaaS through its staking platform “MarsProtocol,” an individual and institutional grade designed staking platform, assisting users to participate in staking to earn ETH rewards and yield in a safer, more stable, and more efficient way. For more information, please visit: http://www.marsprotocol.com.
Following the transition by Ethereum on September 15, 2022 from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism (the “Merge”), Ethereum shifted to a PoS validation system where validators stake their ETH into a smart contract on Ethereum to serve as collateral that can be destroyed if the validator behaves dishonestly or lazily. The validator (selected randomly) is then responsible for processing the blockchain transactions, storing data and adding new blocks to the blockchain. To become a validator on Ethereum, a participant must stake 32 ETH. MarsProtocol will seek to provide a non-custodian StaaS platform where its users’ private keys are not stored in its data base to ensure the safety of its users’ digital assets.
“We are very excited about our new business strategy, and we are looking forward to provide the excellent digital assets staking services through MarsProtocol enabling users to earn ETH rewards through an easy-to-use platform," said Mr. Yucheng Hu, CEO of Mega Matrix Corp.
About Mega Matrix: Mega Matrix Corp. (the “Company”) is a holding company located in Palo Alto, California with four subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), MarsProtocol Inc., an exempt company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”) and JetFleet Management Corp. a California corporation (“JetFleet”). The Company will engage in solo-staking and provide staking as a service (“StaaS”) services through its staking platform “MarsProtocol,” and will continue to focus on third-party management service contracts for aircraft operations through our majority owned subsidiary JetFleet, which was part of our legacy business.