Fare Protocol managed to raise $6.2 million before the token launch.
The fundraising process was led by Goat Capital, the company co-founded by C Squared Ventures and Twitch founder Justin Kan.
Fare Protocol Raises $6.2M in Fund Round Before Token Launch
FARE Protocol has raised $6.2 million in a start-up round led by Goat Capital and C Squared Ventures, the company led by Twitch founder Justin Kan. The fundraising process preceded the ecosystem and native token launch on Arbitrum, the Ethereum Layer-2 Blockchain, later this year.
Other investors in the funding round included 6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp and DWeb3, among others.
The FARE ecosystem is built on probability smart contracts triggered by transparent on-chain events based on probability variables. The initial use case for contracts is based on the random minting and burning of FARE tokens.
The system is designed in such a way that the probability of losing or burning a token is higher than the probability of printing or winning, similar to how a real-world casino operates.
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