Nonfungible token (NFT) startup Genies has secured $150 million in Series C funding at a valuation of $1 billion, making it the latest crypto-focused platform to attain “unicorn” status.

Silver Lake, a California-based private equity company, led the funding round. It has $88 billion of assets, as at 2021. Additional investors Tamarack Global and BOND joined in. Genies stated that the funds will be used to expand its internal engineering capabilities and invest in new technology.