Startup TaTaTu is continuing the love affair between Lamborghinis and crypto with a biopic movie about the Lambo founder’s feud with the founder of Ferrari and to make it has raised a massive $575 million to find its big screen adventure.
Using an ICO format and offering TTU tokens, its fundraising effort is the third largest ever, and has only been surpassed by Telegram and EOS. Investors included Black Tower Capital and a royal prince, and the coin offering has taken many in the crypto sector by surprise, not least because nobody had heard of TaTaTu before.
However, Allan Cassis, the CEO of Lvna Capital, told CoinDesk: “The large round seems surprising in the context of a crowded and bearish crypto industry, in which investors typically participate with crypto, and not fiat. We think it, in fact, isn’t.” He added, “This is new money coming into the markets at a time when we continue to see delays from the long-expected institutional investors’ participation in bitcoin.”
Backed by European royalty
It seems that some of the so-called ‘new money’ is coming from European royalty, who are more ‘old money’, although perhaps they are not seen that way in the crypto space. Prince Felix of Luxembourg, second in the line of succession, and Lady Monika Bacardi, of the family that owns the famous Bacardi Limited were among the TTU investors.
And, with BlockTower Capital investing and Lvna Capital acting in a strategic advice capacity, there seems to be quite a bit of support for TaTaTu’s endeavour, which isn’t confined to making films.
A competitor for Netflix
TaTaTu plans to build a token-powered video-on-demand platform to compete with Netflix. According to the press release, the funds raised will be used to build the platform, build audience and promote an ad-supported service that will share revenue with viewers.
TaTaTu CEO Andrea Iervolino said in a press release: “The response is further validation that our model of acquiring and producing our own content mixed with rewarding users with TTU tokens to watch that content on the platform will benefit everyone.”
The press release also states that 200,000 people have joined the waiting list to participate in the new platform. Watch this space for more about TaTaTu!