skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,473.38 0.16%
ethereum
Ethereum (ETH) $ 3,465.69 1.08%
tether
Tether (USDT) $ 0.99907 0.03%
xrp
XRP (XRP) $ 2.28 2.37%
bnb
BNB (BNB) $ 700.24 0.61%
solana
Solana (SOL) $ 198.03 0.80%
dogecoin
Dogecoin (DOGE) $ 0.329207 1.60%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,461.58 0.89%
cardano
Cardano (ADA) $ 0.910647 3.26%

Crypto Firm FARE Protocol Raises $6.2M Ahead of Token Launch

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

FARE Protocol has raised $6.2 million in a seed round led by Goat Capital – the firm managed by Twitch founder Justin Kan – and C Squared Ventures. The fundraise comes ahead of the ecosystem and native token launch on Ethereum layer 2 blockchain Arbitrum later this year.

Arbitrum was recently at the center of one of the most-hyped events in recent memory: an airdrop of its long-awaited ARB token to early builders, users and investors. The event came with some controversy related to the Arbitrum DAO prematurely moving nearly $1 billion of the tokens to the Arbitrum Foundation before a vote on how to use the funds had finished.

The FARE ecosystem is built on probability smart contracts, which are triggered by transparent on-chain events based on probability variables. The first use case for the contracts is randomized minting and burning (or “winning” and “losing”) of the FARE token. The system is designed so the probability of losing or burning a token is higher than minting or winning, similar to how a real-world casino operates. Instead of a centralized “house” getting the profits, the collected FARE tokens are distributed to the ecosystem.

Other investors in the round included 6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp, and DWeb3, among others.

Edited by Aoyon Ashraf.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top