eSports betting cryptocurrency Unikoin raises $31M at crowdsale

eSports betting cryptocurrency Unikoin raises $31M at crowdsale- InsideSport

Seattle based eSports betting startup Unikrn has raised $31 million in its initial coin offering, setting the standard for any eSports and gaming token sale to date.

The Rahul Sood-owned eSports company announced on its website that it has collected 112,720 ethers, worth an estimated $31.4 million in current trading price, in the token sale, according to reports in the US media.

Earlier during the first phase of the initial coin offering that took place in September, the company netted $15 million from big-name investors including Mark Cuban and Ethereum co-founder Anthony Diiorio.

“This is a rebirth for esports and gaming. UnikoinGold is already poised to disrupt entire industries to make experiences, products, games and events more accessible, more interactive and more decentralized than they’ve ever been,” Unikrn said in a statement.

The eSports betting company had planned to sell $100 million worth of its cryptocurrency tokens, with the proceeds slated to “help fund the growth of business”.

The ICO’s completion also follows Unikrn’s receipt of a gambling license in Malta, a significant boon for a company looking to apply the tech to the electronic sports betting space.

According to Sood, the coming months will see the release of additional applications to build on the Unikoin framework, including tools that allow users to garner more tokens. “We have plenty of applications that allow users to use and earn tokens -we will start to release them in November through February,” he said.

Unikoin Gold, the token that was up for sale, will act as a common medium of exchange for bettors to place wages on games like League of Legends, Defense Against the Ancients (Dota) and CounterStrike, among others. Unikoin Gold is replacing a previous in-house virtual currency, dubbed Unikoins, that was used in conjunction with government-issued currencies on the site. The startup was founded in 2014 with backing from investors like Elisabeth Murdoch and Ashton Kutcher.