MyPrize Crypto Casino raises $13 million, company value rises to $140 million
Cryptocurrency casino operator MyPrize announced on Tuesday that it has raised $13 million in two funding rounds, bringing its enterprise value to $140 million.
The valuation is based on "the company's fully diluted capital stock plus the implied fully diluted value of the warrants." Miami-based MyPrize, founded by Zach Bruch, Paul Martin, Max Bruch and James Seibel, is the first company of its kind to be backed by Silicon Valley investors in the cryptocurrency, entertainment and technology sectors.
MyPrize provides a unique platform where players can play directly with their favorite creators and friends, allowing players to play with a larger community for the first time. "MyPrize pushes boundaries and gives players and fans what they crave: a unified open platform that combines the best features of online gaming and streaming," the company said.
MyPrize is a Web3 gaming platform that promotes collaborative and social gaming elements not typically found on traditional betting sites.
Cryptocurrency casinos are becoming increasingly popular
Cryptocurrency casinos have grown in popularity in recent years and have provided opportunities for the growing acceptance and use of Bitcoin and other digital currencies.
While some of these gambling operators are considered safe, many are licensed outside of Europe and North America and are not subject to the same regulations as their counterparts from providers such as BetMGM, Caesars, and DraftKings. Internet casinos and online sports betting operators operating in the United States are not allowed to accept cryptocurrencies as a form of payment.
Some experts believe that unregulated online gaming companies, including cryptocurrency casinos, could become prime targets for digital fraud. To their credit, however, MyPrize’s founders have extensive experience in the digital asset space, which likely means they have the expertise needed to provide strong security features on the platform.
MyPrize can be integrated into streaming platforms such as Kick, LivePeer, and Twitch. According to the operator’s website, the cryptocurrency casino is open in 44 U.S. states.
MyPrize Sports is proud of its list of investors
MyPrize’s list of investors reads like a who’s who of venture capital, gaming, and cryptocurrency.
MyPrize’s two rounds of venture capital were led by Dragonfly and Boxcars Ventures respectively, with participation from Mechanism Capital, Arrington Capital, Luca Netz (CEO of Pudgy Penguins), Peter Smith (Founder and CEO of Blockchain.com), a16z Scout, 640 Oxford Participating investors, 2 Punks Capital (Marc Andreesen, Alexis Ohanian, Chris Dixon, etc.), Breed VC, JST Capital, Steve Rosenthal (co-founder of casino giant Jack Entertainment), Kadoorie family, Jeff Feng (co-founder of Sei), Jason Leung (former global head of trading at Cumberland DRW), Soda (founder and chief investment officer of Nirvana Capital), Joshua Kaufman (founder of Atly), Shiliang Tang (former chief investment officer of LedgerPrime), Spencer Noon, David Choi (founder). of MetaStreet) and Joshua Lim (former head of trading at Galaxy Digital & Circle),” the statement said.
Just one example: Andreesen's venture capital firm, Andreesen Horowitz, has invested in high-profile companies such as Coinbase, Facebook, Pinterest and Slack.
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Source: www.casino.org
