Azuro Raises $4M for ‘Decentralized Sportsbook Protocol’

Azuro Raises M for ‘Decentralized Sportsbook Protocol’

The funding marks the latest injection of capital into the nascent blockchain betting industry.

Azuro, a decentralized autonomous organization (DAO) building a protocol for blockchain-based betting, announced Monday it has raised a $4 million funding round.

Hypersphere, Gnosis, Merit Circle, Quiet Capital and Formless Capital were all participants in the round.

The ultimate goal of the project is to replace traditional bookmakers like sportsbooks, which are often perceived as predatory and profit-motivated, to disrupt the $200 billion betting industry.

The protocol taps prediction markets, NFTs, DAO governance and liquidity pools on its backend in a bid to minimize the associated costs of the betting process for users. The project lives in the Gnosis Chain, going live on its mainnet earlier in June.

“The problem is incentive misalignment,” Rossen Yordanov, a core contributor to the project, said in a press release. “Profits are zero-sum so many betting companies go to great lengths to create unfair & opaque environments for the players.”

The funding brings the project’s total raise to $7.5 million, with AllianceDAO, Arrington Capital, Ethereal Ventures and Delphi Digital having led its $3.5 million raise in January.

The blockchain-based betting industry has remained fledgling despite its promising foundation, with no clear frontrunner having emerged. Legal implications, as always, continue to loom over the sector’s mainstream adoption, though insiders of the industry are optimistic about its future legality.

This article was originally published on coindesk.com

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