Hypersphere, Gnosis, Merit Circle, Quiet Capital and Formless Capital were all participants in the round.
The ultimate goal of the project is to replace traditional bookmakers like sportsbooks, which are often perceived as predatory and profit motivated, to disrupt the $200 billion betting industry.
“The problem is incentive misalignment,” Rossen Yordanov, a core contributor to the project, said in a press release. “Profits are zero-sum so many betting companies go to great lengths to create unfair and opaque environments for the players.”
The funding brings the project’s total fundraising to $7.5 million, with AllianceDAO, Arrington Capital, Ethereal Ventures and Delphi Digital having led its $3.5 million raise in January.
The blockchain-based betting industry has remained fledgling despite its promising foundation, with no clear front-runner having emerged. Legal implications, as always, continue to loom over the sector’s mainstream adoption, though insiders of the industry are optimistic about its future legality.
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.