BetProtocol, a blockchain startup that helps developers deploy gaming decentralized applications (dApps) with no coding required, has raised $3 million in a private token sale round.
The round was led by Neo Global Capital (NCG) Ventures, with participation from CMS Holdings, BlockGround Capital, Shilling Capital Partners, Bynd Venture Capital, and Utrust Ventures, according to an announcement Wednesday.
This is BetProtocol’s inaugural private token sale via its “utility token” BEPRO and took the firm one month to close the funding, its co-founder and COO, Justin Wu, told The Block, adding: “The current valuation of tokens stands at $20 million based on the total token supply of 10 billion BEPRO.” The tokens were sold to investors at the price of $0.00200 apiece, Wu added.
On leading the round, Roger Lim, founding partner of NGC Ventures, told The Block: “Our vision is that gaming is one of the top use cases for blockchain technology adoption. By providing an easy way to set up and launch new gaming applications, BetProtocol is well-positioned to become one of the top players of the space.”
“Ethereum of Gaming?”
Founded in 2018, Portugal-based BetProtocol has set an ambitious goal for itself – it plans to become the “Ethereum of Gaming,” which would help deploy casino games, esports and prediction markets on blockchains – natively integrated with cryptocurrencies.
The fresh capital will help meet some of its goals. “We will use this investment to launch in China and South Korea, to scale the team and technology, and to take BetProtocol to other verticals like gaming in Esports and Sports,” said Rui Teixeira, co-founder and CEO of BetProtocol.
Overall, the firm’s vision is to bring “safety, fairness, and transparency” for players,