Crypto casino MyPrize valued at $140m after $13m raise
Startup emerges from stealth after securing backing from Silicon Valley ahead of official platform launch
The post Crypto casino MyPrize valued at $140m after $13m raise first appeared on EGR Intel.
MyPrize has secured two rounds of funding totalling $13m (£10.3m) from a series of Silicon Valley VCs ahead of a full launch later this year.
The crypto casino startup’s two funding rounds were led by Dragonfly and Boxcars Ventures, leaving the business with a total enterprise value of $140m based on the “company’s fully diluted equity capitalisation plus the implied fully diluted value of warrants”.
Other backers included 2 Punks Capital, which boasts Marc Andreessen as one of its own investors, whose past investments have included firms such as Coinbase, Facebook, Pinterest and Slack.
Other investors in the funding rounds included Peter Smith, the founder and CEO of Blockchain.com, Mechanism Capital and Arrington Capital.
Rob Hadick, Dragonfly GP, said: “We are incredibly excited about the game-changing platform MyPrize is bringing to market, combining the best of existing platforms with the exponential growth of user-generated content, brought together through the network effects of crypto.
“We believe the potential of this category is just starting to become clear and we are excited about the explosive growth MyPrize will enable at the intersection of igaming, crypto, and the creator economy,” he added.
MyPrize was founded by Zach Bruch, Paul Martin, Max Bruch and James Seibel.
Prior to founding the startup, Bruch built up experience in the crypto sector, having held leadership positions at trading desks including Kraken, Cumberland/DRW and JST Capital.
He then became a prominent trader on the FTX exchange and was chosen by the US Department of Justice as one of the nine on the FTX Creditor’s Committee to recoup lost funds from users in the fallout of the FTX saga.
MyPrize operates as a standard online casino with crypto payments enabled, while also bedding in a multiplayer function in which it has dubbed a “unified, open platform”.
Users can play online casino games alongside friends and streamers, with MyPrize integrating with streaming platforms such as Twitch, Kick and LivePeer
The operator is currently in a pre-launch phase, with users able to sign up early, refer friends and start earning XP before the casino’s official launch, which the firm expects to take place at some point in Spring.
Alongside earning XP, players who successfully refer friends and collect points on the platform will share a prize pool of $100,000, although that is subject to the user meeting certain criteria.
Business magazineFortune has reported the group is also developing a native token for players to gamble with, alongside building a broader GambleFi ecosystem.
The business has two websites, one for US-based customers and another for rest of the world users. Neither site is accessible in the UK at the time of writing.
Bruch said: “MyPrize takes all of the fun of the existing single-player online gaming market and makes it multiplayer. We are bringing a major shift to the online social casino industry by offering a truly immersive and community-driven experience that’s really never been possible before.
“With the support of our investors and our team’s commitment to rapid product innovation, MyPrize will define the future of online social gaming.”
The post Crypto casino MyPrize valued at $140m after $13m raise first appeared on EGR Intel.
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