Singapore-based FunFair Technologies, a blockchain platform and protocol to make online casino games, has raised $26 million from the presale of tokens that will eventually power its gaming technology platform.
Slated to last a maximum of 15 days, FunFair’s Phase 1 Token Presale on June 22 sold out in just four hours, having reached its hard cap of $10 million in contributions made using the Ether cryptocurrency.
FunFair also received more than $15 million in Bitcoin and other cryptocurrencies from individual contributors as well as institutional funds, including BlockTower Capital, Kryptonite1, and Pantera Capital.
This funding round is part of a two-phase token event strategy, including a limited Phase 1 presale that will enable early adopters and investors to participate, followed by a larger Phase 2 event due later in the year.
New Alchemy, the advisers and managers of the FunFair Token Presale were responsible for the gas efficient, Multi-Mint Technology that enabled FunFair to accept not only Ether, but also Bitcoin, ZCash, and selected ERC20 tokens.
Jez San OBE, founder and CEO, said, “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. 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.”
Given its role as an Ethereum-based casino games company, it offers a decentralised peer-to-peer (P2P) solution that is a practical application of Ethereum, resolving problems related to high casino fees and trust.
According to FunFair’s roadmap, its development team will now 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 the year’s end.
FunFair’s token presale took place against the backdrop of recent Initial Coin Offerings (ICOs), which have placed enormous strain on the blockchain, causing global disruption and shutting out potential investors.
According to a media release, FunFair delivered an orderly sale with no blockchain disruption and no fraudulent interference thanks to a number of ICO innovations:
The company claims to be the first to use the Ethereum Name System (ENS) in a Token Sale, directing people to ‘funfund.eth’, in addition to providing a hexadecimal Ethereum address. This resulted in a more secure investment channel, reducing the potential for fraudulent activity.
The FUN token has already been listed on one cryptocurrency exchange including Bittrex and EtherDelta, helping to raise awareness of the project and determine a fair market value ahead of the Phase 2 Token Event in September.