Azuro is on a determined mission to replace all predatory bookmakers, including sportsbooks.
On June 27, Azuro, a decentralized autonomous organization (DAO) that seeks to decentralize the betting market, raised a $4M funding round. Although there were no investors that initially led the funding, firms such as Gnosis, Merit Circle, Hypersphere, Quiet Capital, Formless Capital, and others participated in the round.
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According to the official announcement, one of the startup's core contributors Rossen Yordanov noted that a number of betting-related firms are putting much effort into making “unfair and opaque environments for the players.” Another Azuro contributor Paruyr Shahbazyan also added:
"Delivering on our 2-pronged mission to disrupt traditional online betting with a fairer, more transparent, and more fun decentralized alternative, and to build a betting overlay for the Metaverse is impossible without strong support. We look forward to working together with our investors and partners as we progress further on our path!"
Because of this, Azuro is determined to boost liquidity and bring full transparency to the betting market, while replacing all traditional profit-driven centralized betting exchanges, including sportsbook, Bet365, 22Bet, 1xBet, MarathonBet, BetWinner, Betsson, 888sport, and others.
Furthermore, participants in the fundraising took some time to comment on such a massive fund. For instance, Jack Platts, managing partner and co-founder of Hypersphere, stated:
“Betting markets are one of the few applications where crypto was always supposed to shine. So far though, none have been able to crack the nut of bootstrapping liquidity for popular betting disciplines. We believe Azuro’s team can finally make that promise true.”
In addition, Azuro utilizes prediction markets and DAO governance, as well as non-fungible tokens (NFTs) and liquidity pools to reduce users' expenses generated in the betting processes.
In fact, this isn’t Azuro’s first foray into the gambling sector that is anticipated to reach more than $300 billion by 2025. For example, back in January, the decentralized prediction market managed to collect $3.5 million in collaboration with Flow Ventures, Gnosis, Polymorphic Capital, and other participants to “build a new horizon for the global betting industry.”
With the latest funding, Azuro has now managed to raise a total of $7.5 million.
