Highlighting a key development in the world of digital gaming, MyPrize, a pioneering cryptocurrency casino venture based out of Miami, has successfully raised a substantial sum of $13 million in two financing rounds, significantly raising its enterprise value to a whopping $140 million. This valuation was determined factoring in the fully diluted equity capitalization of the company along with the implied fully diluted value of their warrants.
In an industry-first, MyPrize has managed to attract interest and backing from illustrious investors belonging to a variety of domains – cryptocurrency, entertainment, and technology – majorly located in the entrepreneurial hub that is Silicon Valley.
Breaking conventional gaming norms, MyPrize offers an innovative platform that lets players engage directly with their favorite creators and companions, thereby foster a sense of community within the gaming realm. This groundbreaking platform is an exciting amalgamation of online gaming and streaming, a much-desired amalgam in the gaming community.
In the indication of a paradigm shift in the gaming landscape, MyPrize, a Web3 gaming platform, promotes collaboration and social gaming elements often overlooked in traditional betting platforms.
Cryptocurrency casinos such as MyPrize are seeing a surge in popularity, serving as a pathway for increased adoption and utilization of Bitcoin and other digital currencies. While few of these casinos are widely considered secure, many operate outside of Europe and North America, and lack rigorous regulation found with popular offerings such as BetMGM, Caesars, and DraftKings.
Experts caution that online gaming entities that operate without regulations, including crypto casinos, may be susceptible to digital fraud. On a positive note, MyPrize seems to be challenging these concerns. Founded by a team with a deep-rooted experience in the digital asset domain, the company, they are well equipped to provide strong security features on their platform.
Add to this, MyPrize has successful partnerships with multiple streaming platforms, such as Kick, LivePeer, and Twitch. The cryptocurrency casino platform, which is now operating in 44 US states, is quickly becoming a household name among gaming enthusiasts.
Impressively, MyPrize’s investors come from a diverse and prominent background and involve big names in venture investing, gaming, and cryptocurrency sectors. The financing rounds were led by Dragonfly and Boxcars Ventures, with noteworthy participation from influential entities such as Peter Smith, founder and CEO of Blockchain.com, and the esteemed venture firm, Andreesen Horowitz, which has backed industry giants such as Coinbase, Facebook, Pinterest, and Slack.
