Social sportsbook Stakes raises 5 3m seed funding

Stakes, a free-to-play social wagering platform using Web3 technology, has taken the next step in its growth phase by securing a seed investment of $5

Stakes, a free-to-play societal wagering political platform using Web3 technology, has taken the next step in its growing phase angle past securing a seed investiture of $5.3m.

The startup, which operated below the New York-based incubator IAC until Jan 2022, has at present received its initial labialize of capital.

The investiture has add up from a number of hazard capital letter firms, including Digital Currency Group, FBG Capital, CMS Holdings, LD Capital, Cadenza Ventures, Matrixport Ventures and Sterling Select Group.

Instead of offering cash jackpots for customers who are successful inwards winning their wagers, Stakes offers non-fungible tokens (NFTs), which put up live traded with other users of the platform.

Similar to a societal media-style newsfeed, players tin wager inwards groups of friends and family, with competitions added to their profile.

Stakes CEO and Founder Kevin Wang commented: “Digital sports betting progressively feels the like maths homework, devoid of the emotion, vigour and signified of community of interests that motivates fans, especially this unexampled propagation of sports lovers.

“Stakes re-imagines sports betting for the 21st century past using NFTs as rewards. We combine social media, gaming and crypto to tap into what sports fans are truly after: well-disposed competition, showing cancelled knowledge and earning bragging rights. NFTs are a unique path to achieve this.”

Digital Currency Group Director of Investments Rumi Morales added: “The Cartesian product of crypto and sports is only when simply beginning. Stakes is defining a Web3 path of piquant with sports through and through a new category of NFTs, with sentimental economic value capturing fandom to animate the next multiplication of sports fans.”

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