Azuro Raises $4M for ‘Decentralized Sportsbook Protocol’

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

AccessTimeIconJun 27, 2022 at 3:00 p.m. UTC
Updated May 11, 2023 at 6:47 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Appchain Protocol Tanssi Raises $6M
    18:57
    Appchain Protocol Tanssi Raises $6M
  • Breaking Down Internet Computer's 40% Rally
    00:59
    Breaking Down Internet Computer's 40% Rally
  • HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
    02:14
    HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
  • 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, non-fungible tokens (NFTs), DAO governance and liquidity pools on its back end in a bid to minimize the associated costs of the betting process for users. The project lives in the Gnosis Chain and went 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 and opaque environments for the players.”

    The funding brings the project’s total fundraising 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 front-runner 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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about