NEW YORK, July 6, 2017 /PRNewswire/ -- Tech entrepreneur Jez San's latest venture, FunFair Technologies, has raised a landmark sum from the presale of tokens that will eventually power every aspect of its blockchain-based gaming technology platform. FunFair is designed to deliver unrivalled transparency for consumers and efficiency for casino operators.
Slated to last a maximum of 15 days, FunFair's Phase 1 Token Presale on June 22 sold out in just 4 hours, having reached its hard cap of $10M in contributions made using the Ether cryptocurrency. FunFair also received more than $15M in Bitcoin and other cryptocurrencies from individual contributors as well as institutional funds, including BlockTower Capital, Kryptonite1, and Pantera Capital.
"I'm thrilled that the blockchain community and institutional investors have so emphatically backed the team, our vision and the progress we've already made," said Jez San OBE, founder and CEO. "Now it gets even more exciting as we work towards a live platform and the creation of a truly fair, transparent and player-focused gaming world."
"FunFair is an incredibly clever Ethereum-based casino games company – decentralized, P2P, provably fair online gaming. My intuition is that Funfair is going to be huge," noted Dan Morehead, Founder and CEO of Pantera Capital.
"Funfair will be one of the first practical applications to go live on Ethereum, and it actually solves a real problem of high casino fees and trust. It's an Ethereum app that I could actually see my grandma using, which is pretty cool!" remarked Joey Krug, Co-Chief Investment Officer of Pantera Capital.
"FunFair has built the first production-ready state channels, powering incredibly quick games without compromising on provable security. They're leagues ahead of other efforts. Jez is everything you could want in a project lead, and I believe FunFair will be an invaluable addition to the ecosystem," said Charles Noyes, Analyst, Pantera Capital.
"Funfair, the team and the technology, were very impressive. Gaming is a major vertical set for disruption by smart contract technology and Funfair are by far the furthest ahead in terms of functionality and playability," said George McDonough, CEO of Kryptonite1.
"Jez and the FunFair team are fantastic. I've known Jez since 2013, and it's been a privilege to work with his team defining the token mechanics and creating the ultra-efficient, token sale contract. I'm looking forward to the next phase for FunFair!" said Peter Vessenes, Managing Director of New Alchemy.
"I'm excited to see an experienced entrepreneur like Jez San bring Blockchain technology to gambling. Gambling is an obvious use case for Blockchain tech, but hasn't yet been implemented in a user-friendly way - I'm looking forward to seeing FunFair change that," noted Ari Paul, Founder, Block Tower Capital
A model for future token sales
Founders Jez San, Jeremy Longley and Oliver Hopton have a proven track record of over 40 years creating innovative interactive entertainment products and have sold millions of games in the process. The team went public with their plans in early June, publishing commercial and technical white papers, news of its Token Presale and an early platform prototype with casino games playable on an Ethereum test network, using FunFair's unique Fate Channels.
FunFair's Token Presale took place against the backdrop of recent Initial Coin Offerings (ICOs), which have placed enormous strain on the blockchain, causing global disruption and shutting out potential investors. FunFair delivered an orderly sale with no blockchain disruption and no fraudulent interference thanks to a number of ICO innovations:
- FunFair was the first to use the Ethereum Name System (ENS) in a Token Sale, directing people to 'funfund.eth', in addition to providing a hexadecimal Ethereum address. This resulted in a more secure investment channel, reducing opportunity for fraudulent activity.
- New Alchemy, the advisers and managers of the FunFair Token Presale were responsible for the gas efficient, Multi-Mint Technology that enabled FunFair to accept not only Ether, but also Bitcoin, ZCash, and selected ERC20 tokens.
- FunFair is implementing a two-phase token event strategy, including a limited Phase 1 Presale enabling early adopters and investors to participate, followed by a larger Phase 2 event due later in the year.
- Combination of VIP and community outreach maximized both volume of participants and total USD raised, with over 1,500 transactions to the smart contract, evidence of the broad participation base sought by the team.
- Soft cap and further 4-hour sale period enabled all investors to participate within the short time window.
Read more about FunFair's PreSale in this medium post by Ethereum Foundation developer Nick Johnson and advisor to FunFair "Token Sales Done Better: FunFair."
The FUN token has already been listed on one cryptocurrency exchange including Bittrex and EtherDelta, helping to raise awareness of the project and determine a fair market value ahead of the Phase 2 Token Event in September.
According to FunFair's roadmap, its development team will now focus on more advanced iterations of its proprietary Fate Channel technology, a larger suite of games including Roulette and Blackjack, and an Alpha release of the platform before the year's end.
About New Alchemy
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About FUN Tokens
The FUN token powers every aspect of FunFair's Ethereum-based casino platform and protocol. Players will bet using FUN, developers and affiliates will be rewarded for their participation in FUN, and operators and licencees will pay players out using FUN. FUN will also power the smart contracts that run the platform, including FunFair's unique new Random Number Generator and Fate Channel services.
FunFair is the world's fastest Ethereum casino platform. It's also the first blockchain platform and protocol to make online casino games fun, fast, and fair. The company's combined 40 years of experience building gaming and casino software means players benefit from beautiful, intuitive games that have bigger payouts and are always provably fair. Using its first-of-kind Fate Channel technology and Ethereum smart contracts, FunFair offers the ultimate casino experience – complete transparency, astonishing efficiency, and unrivalled game play. FunFair is a developer of the platform, protocol and games. The company licenses these games to operators and does not operate the games directly. Founded in 2017 by Jez San, Jeremy Longley and Oliver Hopton, FunFair is headquartered in Singapore with offices in London, Isle of Man and Malta.For more information, visit www.funfair.io, Twitter: https://twitter.com/FunFairTech and Slack: https://funfair-slackin.herokuapp.com/