Stakefair raises $670,000 pre-seed fund to expand beyond DeFi gaming – Businessamlive

BY Olivia Nnorom.

After six months of beta testing, BetDemand has launched as a Stakefair, with a pre-seed fund of $670,000 channeled into building an ecosystem that will facilitate interaction for both decentralized and centralized platforms.

The $670,000 pre-seed fund has involved investors in the round including Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain and Timi Aboyeji.

The others are Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli and Clement Hugbo.

Akinyemi Akindele, Founder and CEO of Stakefair

Stakefair has been in beta testing as BetDemand since late 2021 and has since witnessed impressive consumer acceptance. The platform has attracted over 6,000 users in Africa, Europe and North America, and has recorded over $800,000 in user stakes. Currently, Stakefair has evolved beyond a gaming company.

Akinyemi Akindele, founder and managing director of Stakefair, said the traction gained by the company during the beta period encouraged the decision to vertically integrate and build the Defi lending and borrowing pool, which generates the return. which supports “lossless” pools. .

“We’ve built much more than business-to-consumer (B2C) DeFi gaming products, we’ve also built the DeFi infrastructure that enables other developers to build DeFi apps like ours for use cases. such as lossless staking, cash management, yield aggregation, portfolios and market making,” said Akindele.

Stakefair, a decentralized finance company (DEFI) set to disrupt the real-money gambling industry, allows users to predict the outcome of sports matches and other real-world events to earn money by wagering digital currency, whether they win or lose.

However, Akindele said the company which was simply meant to be a predictions website has introduced a more conducive “lossless” sports staking offering that encourages individuals to see the platform as a yield generator through their stake. crypto.

The “lossless” sports staking model is programmed to allow a user to stake one unit of coin on a set of games with minimum time, the coins will be invested in DeFi lending pools to earn interest. The user gets both capital and returns on investment (ROI) if the user’s stake wins. On the other hand, the user only receives their original wagered amount if their wager loses.

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