Robinhood’s former crypto boss raises $8 million for NFT platform

Quick Take

  • Founded by Chris Maddern, Floor tracks data on prices for non-fungible tokens. 
  • The app is currently only available to the 3,500 Floor token holders, however with the funding it plans to open parts of the Floor platform to everyone.

Floor — an upstart project in the non-fungible token (NFT) market — announced on Wednesday the close of a Series A funding round. 

Born out of founder Chris Maddern’s own frustration with managing his portfolio of NFTs, Floor also announced its full leadership team, which includes Siddhartha Dabral, a former colleague of Maddern at software firm Button, and Robinhood’s former crypto boss Christine Brown. 

The fresh raise of $8 million brings 6th Man Ventures, Worklife, B Capital Group and others onto Floor’s cap table. 

“Today’s product market fit is building stupid pictures on the internet. But there are hundreds of use-cases,” Floor CEO Chris Maddern told The Block.

“The most exciting NFTs could be worth zero dollars but give access to community, family and future use-cases. The product will massively evolve in that direction. In order to start: you have to build a product for what exists.”

Prior to today’s launch, only the 3,500 Floor token holders could access the app. But now some Floor features are set to become available to anyone on iOS and Android.

Once a user signs up and connects their wallet, they can watch NFT floor prices fluctuations and price histories — reminiscent of Coinbase’s app design. Users may track NFTs they already own or set up “watch lists” for assets they could be interested in purchasing later. 

Disclosure: Chris Maddern has served as a board member of The Block. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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