Funfair Technologies raises $26M to fund blockchain-based gaming tech platform
News on 7 Jul 2017
News on 7 Jul 2017
FunFair Technologies, a start-up by tech entrepreneur Jez San, raised $10 Million in under four hours from the presale of FUN tokens that will ultimately power its new venture, a blockchain-based gaming technology platform.
In addition, FunFair also received over $15 million in Bitcoin and other cryptocurrencies from individual contributors as well as institutional funds, including BlockTower Capital, Kryptonite1 and Pantera Capital in the Phase 1 funding round.
FUN Token, a cryptocurrency, will power every aspect of FunFair’s Ethereum-based casino platform and protocol. Players will bet using FUN, developers and affiliates will be rewarded for their participation in FUN, and operators and licencees will pay players out using FUN. FUN will also power the smart contracts that run the platform, including FunFair’s unique new Random Number Generator and Fate Channel services.
“I’m thrilled that the blockchain community and institutional investors have so emphatically backed the team, our vision and the progress we’ve already made,” Jez San, founder and chief executive officer of FunFair said.
“Now it gets even more exciting as we work towards a live platform and the creation of a truly fair, transparent and player-focused gaming world.”
“My intuition is that Funfair is going to be huge,” Dan Morehead, founder and chief executive officer of Pantera Capital commented.
“Funfair, the team and the technology, were very impressive. Gaming is a major vertical set for disruption by smart contract technology and Funfair are by far the furthest ahead in terms of functionality and playability,” said George McDonough, CEO of Kryptonite1.
Founders Jez San, Jeremy Longley and Oliver Hopton publicized their plans in early June, with the publication of commercial and technical white papers, notification of the Token Presale and an early platform prototype with casino games playable on an Ethereum test network, using FunFair’s unique Fate Channels.
A larger Phase 2 funding event is expected later in the year, prior to which FunFair will focus on more advanced iterations of its proprietary Fate Channel technology, a larger suite of games including Roulette and Blackjack, and an Alpha release of the platform before year end, a press statement reads.
