DeGaming, a iGaming software provider leveraging Web3 technology, has successfully raised €3.5 million from Dubai-based XVC Tech in a strategic equity funding round.
Nicosia, Cyprus, 19th April 2024, ZEX PR WIRE, Emil Ahmed, co-founder and CEO of DeGaming, expressed enthusiasm about the partnership: “We are thrilled to have XVC Tech as our lead investor. Their expertise aligns perfectly with our vision to revolutionize the iGaming industry. This investment enables us to introduce our innovative Web3 platform and establish a secure, cutting-edge infrastructure, positioning us as leaders in the market.”
The gambling industry, which includes casinos, sports betting, poker, lotteries, and more, is expected to reach a trillion dollars by the end of the decade. Currently, online gambling—or iGaming—accounts for one-sixth of this market, with 20% of these platforms accepting cryptocurrencies. The growth of crypto gambling not only underscores the broader adoption of cryptocurrencies but also brings awareness of key Web3 technologies such as blockchain, smart contracts, and the drive for greater transparency, ownership, and decentralization.
Emil elaborated on DeGaming’s unique approach: “DeGaming was born from recognizing the community-centric potential of Web3 versus the traditional Web2 framework. Our model envisions community ownership of gambling operations, allowing people to not only participate but also share in the profits. By involving community members as liquidity providers, they effectively become part of the house, earning yields and contributing to our ecosystem’s growth.”
DeGaming offers a comprehensive turnkey platform that allows operators to focus solely on marketing and community engagement. “Our blockchain-enabled platform supports both traditional and Web3 games, ensuring trust through transparency and immediate transactions,” said Richard Larsson, co-founder and CTO. “Through our collaboration with Liquidity.House, we address the liquidity challenges operators face, mitigating risks and rewarding investors within our ecosystem.”
Johan Lundberg, Partner at XVC Tech, commented on the investment: “Our investment in DeGaming is very strategic as they have taken a position in the very middle of the iGaming ecosystem. DeGaming is one of the most innovative Web3 companies we have seen, the connection between operators, liquidity services and game developers is extremely strong and will fundamentally transform the industry.”
XVC is an investment company based in Dubai that focuses on early-stage investments in Next-Generation technology projects. It is backed by the XDC Network’s founders and has a global investment mandate to invest in Web3 native projects as well as Web2 to Web3 transformation projects.
To learn more about DeGaming, visit their official website at DeGaming.io or follow them on: X (Twitter) || LinkedIn.