Alex Dolesky thought that the impulse of his startup to “finance” the sleepy uranium spot market would be a success since nuclear energy presents a global return. All that tokenized yellowcake looks more like gold.
Months after obtaining their first $ 1.7 million of risk investors, Uranium Digital raised another $ 6.1 million in a round of seeds directed by Framework Ventures.
Financing will accelerate the construction of Digital Uranium of a Uranium Spot Platform that uses cryptographic infrastructure in the backend. He claims to be the first institutional market, with cryptography or not, for a critical product of clean energy that, perplexed, does not enjoy the same easy trade of its dirtiest classmates, coal, natural gas and oil.
A radioactive mixture of high regulations and a low general demand of the main current hindered the appearance of a solid uranium market, Dolesky said in an interview. While strict rules about who can take the settlement of Yellowcake, a uranium oxide concentrate powder, will not go anywhere, the global demand for nuclear energy is taking care of the rest.
Nuclear energy is on its return tour. The energy source once ridiculed by unfortunate disasters, more recently the fusion of Fukushima, is emerging as an ointment to quickly increase electrical needs. The increase is feeding the newly discovered interest of investors and institutions for an accessible spot market.
In Crypto Dolesky said he has found an efficient way to create the first. He says he is “abstracting” the usual weak points of trade in the chain for Uranium Digital to look and feel familiar to institutional clients.
“Crypto Rails for efficiency, speed and execution purposes: it is a unique opportunity,” he said.
As the platform approaches its launch date, Dolesky plans to pour more capital into its business and engineering teams.
After the previous seed, he realized that the company’s proposed solution had an even deeper well of potential users than what he called their most optimistic projections. Fulfilling excess demand meant moving faster and raising more money.
“The answer we have received from the traditional market has been such that we will effectively live earlier than expected,” he said.
