Blockchain-Based Fantasy Sports Platform MyDFS Raises US$1M; Ex-Facebook Exec Joins Advisory Board

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MyDFS, a blockchain-centered each day fantasy sporting activities platform, has elevated US$1 million from LD Funds and included former Fb executive Akin Babayigit into its advisory board, the startup declared on Thursday. Babayigit will help MyDFS with the impending international start of its application.

MyDFS explained the new funding will be utilised to make improvements to the present blockchain platform and develop MyDFS solutions abroad. It will come just a thirty day period after the startup elevated US$2 million from trader Frank Fu, running director at Chinese tech organization Meitu, the Chinese photograph-sharing platform with much more than 450 million consumers. Fu joined MyDFS as a board advisor.

MyDFS is preparing for the tender start of its blockchain-centered cell application with a rollout in Australia and India to start with. The startup explained it will be collecting information and pinpointing bugs in order to improve the platform prior to the international start established to acquire put in early June 2018, suitable ahead of the FIFA Planet Cup, the major soccer championship of the year. MyDFS explained it will be wanting for feedbacks from players.

Headquartered in the Isle of Gentleman, MyDFS intends to use blockchain engineering to simplify the each day fantasy sporting activities expertise. The company’s impending cell application guarantees to give fantasy sporting activities players with all of the regular DFS characteristics, with the included protection and transparency that blockchain gives. Gamers will be ready to use MyDFS tokens as in-sport currency to enter the video games, draft their own lineups, and perform against other consumers on the platform. The platform will also incorporate player brokerage characteristics, which will allow newcomers to employ pro-players to gain fantasy leagues on their behalf.

Viktor Mangazeev, CEO of MyDFS, explained the platform is a blended alternative that would make fantasy sporting activities video games informal and simple-to-perform.

“Our workforce has been building fantasy sporting activities apps considering that 2015. We made the decision to merge our present platform with blockchain to fix big industry troubles and carry transparency to fantasy sporting activities,” he explained.

LD Funds, which statements to boast a single of the longest-jogging and major crypto investment decision organizations in China, has designed investments into startups and jobs these types of as Qtum, Vechain, and EOS. MyDFS is the most current job the organization is investing in.

Yi Lihua, founding husband or wife at LD Funds, explained that though the fantasy sporting activities marketplace was perfectly-formulated in the West, Asia continues to be a instead untapped marketplace, giving an opportunity for MyDFS to develop into a regional chief.

“The Western entire world is obsessed with fantasy sporting activities. The fantasy sporting activities audience in the US and Canada has currently exceeded 65 million men and women, but there are only a couple men and women common with the industry in the Asia marketplace,” he explained. “MyDFS will be the to start with organization bringing fantasy leagues to the Asian.”

Fantasy sporting activities is a US$7.22 billion industry that proceeds to increase, in accordance to a exploration by Ipsos Promoting for the Fantasy Sports Trade Affiliation (FSTA). The exploration estimates that there are at present about 59.3 million fantasy sporting activities players in the US and Canada.

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