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CDS Startups FARE Protocol Raises $6.2 Million Before Launching Its Token

Startups

FARE Protocol Raises $6.2 Million Before Launching Its Token

lectertodd02/05/20231 Mins read491

Fare Protocol Raises $6.2 Million Before Launching Its Token

In a seed round headed by Goat Capital, the company run by Twitch founder Justin Kan, and C Squared Ventures, FARE Protocol has raised $6.2 million.

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FARE Protocol Raises $6.2 Million Before Launching Its Token

The fund was raised ahead of the launch of the ecosystem and native token on the Ethereum layer 2 network Arbitrum later this year. In addition to Morningstar Ventures and Quantstamp, other investors in the round included 6th Man Ventures, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar, and DWeb3.

About FARE Protocol

Probability smart contracts, which are triggered by transparent on-chain events based on probability variables, are the foundation of the FARE ecosystem. Randomized minting and burning of the FARE token—also known as “winning” and “losing”—is the initial application for the contracts.

Similar to how a real-world casino runs, the system is set up so that the likelihood of losing or burning a token is larger than the likelihood of minting or winning one. Through token deflation, value is transferred to FARE holders rather than a central “house” receiving the profits.

References

www.coindesk.com

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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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