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

The fundraise was led by C Squared Ventures and Goat Capital, the firm co-founded by Twitch founder Justin Kan.

AccessTimeIconMay 1, 2023 at 1:57 p.m. UTC
Updated Mar 8, 2024 at 4:51 p.m. UTC

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.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • 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 value is passed along to FARE holders through token deflation.

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

    Update (May 2 UTC 13:21): Update removes Republic Crypto from the list of backers and clarifies how value is passed along to FARE holders.

    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.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.