Stakefair raises $670,000 pre-seed fund to expand beyond DeFi gaming
BY Olivia Nnorom.
After six months of beta testing, BetDemand has launched as Stakefair, with a $670,000 pre-seed fund channelled towards building an ecosystem that will ease interaction for decentralized and centralized platforms.
The $670,00 pre-seed fund involved Investors in the round including Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, and Timi Aboyeji.
Others are Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo.
Stakefair has been undergoing beta testing as BetDemand since the end of 2021 and has witnessed impressive consumer acceptance since then. The platform has attracted over 6,000 users across Africa, Europe and North America, and recorded over $800,000 in user stakes. Currently, Stakefair has evolved beyond a gaming company.
Akinyemi Akindele, founder and chief executive officer of Stakefair, said that the traction gained by the company during the beta period encouraged the decision to vertically integrate and build the Defi lending and borrowing pool, which generates the yield that backs the “no loss” pools.
“We have built much more than the business-to-consumer (B2C) DeFi gaming products, we have also built the DeFi infrastructure that allows other developers to build DeFi apps like ours for use cases such as no-loss staking, treasury management, yield aggregation, wallets and market-making,” Akindele said.
Stakefair, a decentralized finance (DEFI) company that is poised to disrupt the real-money gaming industry, allows users to predict the outcome of sports matches and other real-world events to earn money by staking digital currency whether they win or lose.
However, Akindele said that the company which was just meant to be a predictions website has introduced a more conducive “no loss” sports staking offering that encourages individuals to see the platform as a yield generator through their crypto stake.
The “no loss” sports staking model is programmed to allow a user to stake a unit of coin on a set of games within a minimum timeframe, the coins will be invested in DeFi lending pools to yield interest. The user gets both capital and some returns on investment (ROI) if the user’s stake wins. On the other hand, the user gets only their original staked amount if the user’s stake loses.