Stakefair is prepared for a complete scale roll-out after receiving $670,000 in pre-seed money.
Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo are a few of the investors.
Other investors include Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, and Echo VC Chain.
The funding will be utilized to develop a DeFi yield generating system for users, businesses, and governments, allowing decentralized and centralized platforms to easily connect.
Stakefair, a Decentralized Finance (DeFi) company that plans to upend the Real-Money Gaming industry, has just debuted.
By correctly forecasting the results of sporting events and other real-world occurrences, users of Stakefair can make money.
Similar to conventional gaming companies, the result of the wager might be either a profit or a loss. The “no-loss” sports staking option on Stakefair, which motivates users to consider the platform as a revenue producer through their crypto investment, is what really changes the game.
The “no-loss” sports betting system is simple. A user’s coin unit will be invested by Stakefair in DeFi lending pools when they wager it on a number of games to generate revenue.
The user gets their cash and a return on their investment if their stake prevails (ROI). If not, they will only get back their initial investment. But to guarantee a return, the stake must be locked up for a certain amount of time.
Stakefair was originally envisioned to be a predictions’ website that allowed users to wager on events using virtual currency, however, according to Akinyemi Akindele, founder and CEO of Stakefair, he was inspired by the user research respondents’ tales of ruin and regret and set out to create a financial model to determine whether “no loss” sports predictions were feasible.
Stakefair has been under beta testing as BetDemand since the end of 2021, receiving overwhelmingly positive customer feedback.
Over 6,000 people from Africa, Europe, and North America have joined the platform so far, and user stakes totaling over $800,000 have been reported. But Stakefair grew beyond a game company during the testing period.
The startup, according to Akindele, has created much more than just business-to-consumer (B2C) DeFi gaming products. Stakefair has also created the DeFi infrastructure that enables other developers to create DeFi apps similar to Stakefair for use cases like no-loss staking, treasury management, yield aggregation, wallets, and market-making.
He added that the business has opted to vertically connect and create its own DeFi loan and borrowing pool as a result of Stakefair’s success during the beta stage. In this manner, the lending and borrowing that produce the yield that supports the platform’s no-loss pools can take place.
Like many characters, assets, and even languages adopting African features, the emergence of mobile phones has made it simple for someone to experience their favorite games wherever they are.
The latest trend is the increasing availability and acceptance of multipurpose gaming systems, which are entering the market and assisting in the expansion of the local game business.
As a result, there has been a noticeable uptick in the population of gamers in Africa, particularly among young people who can now play games and make money.
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