First Licensed Decentralized Crypto Casino Opens Financing Round

“We are revolutionizing the casino gaming industry with blockchain technology.” This is how Funtech Games, a company active in iGaming and blockchain sectors, introduces itself. It launched CoinGames.fun, the first licensed decentralized online crypto casino, a month ago and is now opening its first round of financing for 5 million euros. According to advisors, the company’s pre-money valuation stands at around 45 million euros.

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10% Stake in Crypto Casino On Offer

“We aim to raise funds for offering a 10% stake in the company. We have assigned three advisors in India, Singapore, and London. We have started initial discussions, and some parties are interested in acquiring a larger percentage. We are willing to go up to 20%, but no further,” explains the crypto casino founder and CEO, Edoardo Narduzzi, in an interview with BeBeez. He continues, “I use the plural because my team, consisting of about a dozen people, also holds shares. We are looking at venture capital funds investing in crypto, family offices, and investment funds related to the gaming industry.”

Narduzzi is a well-known entrepreneur in the tech and finance world. He was a co-founder and shareholder of Techedge, an IT services company delisted from Piazza Affari in 2021. He also founded the roboadvisory firm AlphieWealth (formerly SelfieWealth), which was integrated into the finance social network UCapital 24 in 2021 and is listed on Euronext Growth Milan. Additionally, in 2014, Narduzzi founded Mashfrog, of which he is the president, providing services and products in various sectors, including strategy, consulting, communication & marketing, technology, ICT, industry 4.0, up to machine learning, blockchain, artificial intelligence, and augmented reality.

About Funtech Games

Regarding Funtech Games Ltd, the crypto casino company was established in September 2021, has approximately 9,000 registered users, and has been self-funded by Narduzzi for the past two years. He explains, “We developed the entire proprietary platform in Italy, the CRM part is in Serbia, and the commercial and marketing aspects are managed in London.” Currently, the platform operates on the Binance blockchain, but they plan to expand to Poligon in the next month and become multichain, making them the only active platform with a decentralized multichannel process.

The potential of the CoinGames crypto casino project has been recognized by the Gambling Authority of the Isle of Man, which granted the first-ever license to a completely decentralized cryptocurrency online casino, appreciating the higher level of user protection offered by the proposed solution. The migration of CoinGames to the Web3 ecosystem, the new iteration of the World Wide Web incorporating blockchain technology, has completely revolutionized its usage for players and the platform’s operations.

“DEGA” Technology Powers Crypto Casino

What sets CoinGames apart from other online casinos is the use of DEGA technology (decentralizedgambling.io) in its crypto casino, developed by Funtech, which operates through Smart Contracts – coded contracts guaranteed by the software and stored on the blockchain. The Smart Contract ensures that the funds used for gaming on the platform remain untouchable by any external or internal entity, always accessible to the players. This particular contract also guarantees the integrity of individual transactions within the crypto casino.

Narduzzi further explains, “In the past two years, we obtained an operational license technically since January 2023. It took us over a year to obtain it because it was the first time in the world that such a license was required for a decentralized crypto casino platform with digital assets. We conducted two months of testing, and last month we became operational with Binance Coin. We are entirely B2C, where customers deposit crypto into our wallets. Our proprietary token, Dega, serves as a payment instrument. The transaction cost is minimal, ensuring real-time processing and immediate wallet recharge or withdrawal. Over these two years, we have also developed and certified three or four proprietary crypto casino games that we will launch by the end of the year, and starting from August 4, we will also go online with sports betting.”

Narduzzi emphasizes, “We are a technology company, and our goal is to sell our platform to the crypto casino gaming market players. We want to demonstrate that our technology works and can be adopted by all gaming operators or concessionaires who can sign a contract with us. Thus, we are targeting the B2B market. The three main markets we are focusing on for our commercial activities are Canada, Brazil, and India, followed by Nigeria, Indonesia, Australia, and Japan.”

Platform Costs and Future

So far, the major costs have been related to the crypto casino platform design (involving six people), the process of obtaining the license, and the actual cost of the license, which is around 70,000 pounds per year.

Additionally, the sign-in process has been completely redesigned. Users can simply connect their cryptocurrency wallet to the website to register with just one click. This provides a significant advantage for the crypto casino gaming operator, as it offers a very short funnel, resulting in lower acquisition costs and abandonment rates during the registration process.

“With CoinGames, we want to be the pioneers of a new gaming sector that is steadily gaining ground. The transition from a centralized to a decentralized entity allows us to provide users with higher security and reliability while reducing operating costs for the casino. These are crucial elements. It’s a project with enormous potential, and we hope other operators in the industry can replicate it. Only in this way can we ensure a clear, transparent, and risk-free crypto casino ecosystem,” concludes the CEO.

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(Featured image by Darya Sannikova via Pexels)

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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