Royale Closed a $350,000 Seed Round to Disrupt the iGaming industry
Royale is an iGaming DeFi protocol building a trustless ecosystem where iGaming platforms borrow capital to fund their bankroll.
The iGaming and Decentralized Finance (iGDeFi) project Royale announced the successful completion of a $350,000 seed round led by Alphabit, Fomocraft Ventures, Kyros Ventures, and Vendetta Capital among others.
Royale plans to disrupt the iGaming industry by helping entrepreneurs to fund their bankroll via a network of participants rewarded to provide capital. The fund will be used to bootstrap the network, lend capital to the first users, and continue to develop the project.
DeFi Tooling Unleashes iGaming Potential
iGaming is a growing industry. Fueled by online sports betting, online poker platforms, and online casinos, iGaming is expected to reach $127 billion by 2027. The relaxing of regulation, advances in technology, and the rise of connectivity generated a surge in players taking to their phones and computers to take a chance and hopefully win games. iGaming too is one of the few lucky industries that has benefited from the Covid-19 outbreak with millions of people sequestered in their homes and money to spend.
However, this growth is throttled by several significant limitations preventing it from reaching its true potential. Among these limitations, centralisation of the market creates an oligopoly, high barriers to entry prevent new entrants, and a lack of transparency clouds the confidence from gamers. All of which stifles innovation. Royale wants to solve these problems with blockchain and DeFi tools.
“Thanks to transparency, the decentralization paradigm of blockchain, and DeFi primitives that have rapidly developed over the past two years, along with the in-depth gambling market knowledge of the Royale team, the Royale ecosystem will be a game-changer for the iGaming industry.” — Joe Wong, principal of FOMOcraft Ventures.
This seed round has been led by Vendetta Capital, a cryptocurrency advisory and investment management company that also advises projects on their marketing strategy and long term strategy, as well as Alphabit, a digital asset management company that also offer advisory services. Kyros, Transform Group, MANTRA DAO, Twin Apex Capital, Yield.app and a variety of industry enthusiasts rounded out the collection of investors for this first round of investment.
The funding has helped Royale kickstart its platform development, grow its ecosystem and fund their first cohort of iGaming entrepreneurs. Further funding rounds will be sought to continue developing the Royale network, which is focused on creating an incentivized mechanism for future participants to be rewarded by providing capital.
This seed round is only the beginning of the journey to provide Provably Fair, transparent and decentralised gaming experiences for all iGaming users.
We are excited to bring you our upcoming news and developments. Stay tuned for more soon!
About Royale Finance
Royale Finance is an industry-focused decentralised lending protocol. Its purpose is to create Web 3.0 smart-backed funding solutions using DeFi primitives in order to support the innovation of iGaming products and platforms. The combination of iGaming returns, uncorrelated to DeFi cryptoassets but powered by base layer DeFi protocols, we call iGDeFi.