A Decentralised Finance (DeFi) company, Stakefair, has raised $670,000 in pre-Seed funding for the real-money gaming industry.
Founder and Chief Executive Officer, Stakefair, Akinyemi Akindele said the platform was meant to be a predictions website that allows users to stake on events using digital currency.
He said: ” It was triggered by the stories of ruin and regret of the respondents of the user research,” so he “set out to build a financial model to see if ‘no loss’ sports prediction was achievable.
“We have built much more than the business-to-consumer (B2C) DeFi gaming products, we have also built the DeFi infrastructure that allows other developers to build DeFi apps like ours for use cases such as no-loss staking, treasury management, yield aggregation, wallets and market-making.
“Due to the popularity of Stakefair during the beta period, we have decided to vertically integrate and build our own DeFi lending and borrowing pool. That way, the lending and borrowing that generates the yield that backs our no-loss pools can happen on our platform.”
Investors involved in the round include; Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo.
The funds are being channelled towards building an ecosystem for decentralized and centralized platforms to interact with ease; that is, a DeFi yield generation protocol for users, businesses and governments.
Stakefair allows users to predict the outcome of sports matches and other real-world events to earn money by staking digital currency. Like traditional gaming companies, the outcome of the wager can either be a win or a loss.
Stakefair has been undergoing beta testing as BetDemand since the end of last year and has witnessed impressive consumer acceptance.
To date, the platform has attracted over 6,000 users from Africa, Europe and North America, and recorded over $800,000 in user stakes. However, during the testing phase, Stakefair evolved beyond a gaming company.