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Azuro, a platform that aims to decentralize the betting market, raised a $4 million round.
According to a report published on Monday, among the investors of the round were Hypersphere, Gnosis, Merit Circle, SevenX, Quiet Capital, Formless Capital. The startup said there was no lead investor in the round and the valuation was not disclosed.
Traditional betting companies are doing their best to make betting unfair and opaque, main participant Rossen Yordanov said in a statement. Azuro is using smart contracts to create a protocol that they hope can become the base layer for more betting apps to be built on top of the use of web3 technology. He believes that this can ensure full transparency in the sector and increase liquidity in the betting markets.
“Betting markets are one of the few applications where cryptocurrency has always had to shine,” Hypersphere co-founder Jack Platts said in a release. We believe that the Azuro team will finally be able to deliver on that promise.”
Most recently, Azuro launched its main network on Gnosis Chain, and its first interface was launched earlier this month. The company plans to use the funds to expand to the various networks in which Polygon is currently the main contender, add additional betting markets and create a betting market with non-fungible tokens (NFT).
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