FoggyStar raises $5M for Funding

FoggyStar.com is a crypto casino brand based in Nicosia (Cyprus), and has raised $5m.

Backers included Canadian as well as Japanese investors.

The company will use the funds to build its brand and create its own token. It will also be used for innovative products in the iGaming market.

FoggyStar launched the crypto casino in 2022. The alpha version of the product already has a large library of crypto games developed by famous game providers such as NetEnt, Play’n GO, Pragmatic Play, and a bonus program specially designed for the crypto community.

The company is also planning to develop additional features for casino products so that they all work as openly and utilize blockchain technologies. This approach will help increase trust in casinos and iGaming by increasing the reach and engagement of users. Blockchain makes all the algorithms and gameplay transparent. Transactions and actions can be seen in a public ledger.

The company hopes to also be one of the first to open an iGaming casino in metaverse.

Blockchain, IoT (virtual reality) and VR are changing every industry. Virtual Reality headsets and virtual reality have been very popular in recent years. They are a great addition to online gambling. You can play all the games in a virtual casino without even having to travel. The blockchain technology can address fraud and cheating in online gambling. You can also view online casinos operated by other companies. CasinoDeps and read their reviews.

The metaverse, powered by Web3, a new version of the World Wide Web that is based on blockchain technology and token-based economy, data security and privacy for end-users, aims to provide access to a digital platform that offers realistic sensory feedback and avatars. It is clear that the metverse has many applications in the world of igaming.

Multiple reports claim that Decentral Games’ metaverse casino has made $7.5 million in its first three months of operation. Decentral Games ICE poker is a free metaverse game of poker where players can earn tokens for completing daily challenges. They also compete against each other in a daily leaderboard. It is based upon ICE, an in-game currency which incentivizes player liquidity, enables upgrades to in-game items and DG, the governance token that grants community members votes to modify economic incentives or allocate fees that accrued in the Decentral Games treasury. In addition, popular video game company Atari is reportedly building a cryptocurrency casino in the virtual world Decentraland as part of a district called “Vegas City.”  Another example comes from igaming startup JNS Gaming, which has launched its online casino, called LynxBet, that will primarily target South America.

Get latest news from African Startup ecosystem

Latest stories

You might also like...