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Alphabit, AU21 Capital, Fomocraft Ventures and Others Invest US$1.45m in Fintech Royale Finance

15 January 2021

Crypto fund Alphabit, AU21 Capital, Fomocraft Ventures, Kyros Ventures, and Vendetta Capital invested US$1.45m in Royale Finance, a Belize-based fintech providing decentralized finance infrastructure for online casinos and prediction markets.

(FINSMES) – Royale Finance, a Belize City, Belize-based developer of a solution providing funding for iGaming startups, raised $1.45m in funding.

Backers included Alphabit Fund, AU21 Capital, Fomocraft Ventures, Kyros Ventures, and Vendetta Capital.

The deal will allow the company to expand its development efforts and merge DeFi with iGaming, a multi-billion dollar market that includes online casinos, sports betting, poker, prediction markets, lotteries, and more.

DeFi is the short notion for decentralized finance, which allows crypto entrepreneurs to regenerate traditional financial instruments in a decentralized architecture, outside of companies’ and governments’ control. By drawing inspiration from the blockchain, the technology behind the bitcoin, DeFi expands the use of it from value transfer to complex financial use cases. The majority of DeFi applications are built on top of Ethereum, the world’s second-largest cryptocurrency, whose platform makes it simpler to build complex decentralized applications. These are enabled by smart contracts, which automatically execute transactions if certain conditions are met.

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The rise of digital assets and secure digital payments are contributing to the sector’s growth. However, many online games have little transparency in how they operate, leading to concerns over trustworthiness among both players and the platforms that feature them. Royale Finance solves transparency issues by supporting iGaming platforms that use provably fair algorithms,  which ensure that players cannot be cheated.

Led by Giorgio Andrews, CEO, Royale Finance is making a cross-chain DeFi solution that uses liquidity pools to provide funding for iGaming startups using fair algorithms which randomize number generation.

The company’s user-centric platform creates Web 3.0 smart-backed liquidity that allows iGaming entrepreneurs to bootstrap innovation with the security and transparency of the blockchain.

The Royale Finance ecosystem is powered by ROYA, a governance token used to coordinate between DeFi liquidity providers within the Royale Finance stablecoin collateral pool, which disperses loans to iGaming startups. Token holders vote on which games to support, and developers keep their equity while they build and launch their games.

Along with this network-driven liquidity, the platform optimizes liquidity pools within the ecosystem to provide sustainable yield. Following the completion of their Version 1 Web 3.0 App, Royale Finance will build a suite of provably fair games available to online casino operators. The project also plans to transition to a Decentralized Autonomous Organization (DAO) as the ecosystem and the tech stack develop.