Stake fairBeta for the past 6 months, has launched a Decentralized Finance (DeFi) company founded by Akinyemi Akindele.
With Stakefair, users can make money by betting on digital currencies by predicting the outcome of sporting games and other real-life events.
As with traditional gaming companies, the outcome of a bet is either a win or a loss. However, Stakefair’s game changer is its “lossless” sports staking product, encouraging stackers to view the platform as a yield generator through crypto stakes.
The stakes bet will be aggregated and lent to the DeFi loan pool to earn interest used to pay the winner. Meanwhile, everyone will regain their original stake after the lockup period.
Related article: The African online gambling industry has a clear need for regulation
According to the founder, who is also the CEO, the gaming platform has been in beta testing as BetDemand for about six months, witnessing impressive consumer support.
To date, the platform is attractive Over 6,000 user From Africa, Europe, North America, and Record stakes of over $ 800,000..
Stakefair is now ready for full-scale rollout, with the participation of Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan and Peter Kisadha for $ 670,000. Raised pre-seed funding. , Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo.
Akindele said his company “built much more from enterprise to consumer (B2C) DeFi gaming products.”
“We also build a DeFi infrastructure that allows other developers to build DeFi apps like us for use cases such as lossless staking, financial management, yield aggregation, wallets, market making, etc. “I did,” he adds.
Due to the popularity of Stakefair during the beta period, we have decided to build our own DeFi lending and borrowing pool in a vertically integrated manner. That way, lending and borrowing to generate yields that support a lossless pool can be done on our own platform.
Akynyemi Akindele, Founder and CEO of Stakefair
Stake fair model
The “lossless” sports staking model is simple. When a user bets a unit of coins on a series of games, Stakefair can invest it in a DeFi loan pool to generate interest. If the user’s stake wins, the user can get capital and return on investment (ROI). Otherwise, only the original bet amount will be returned. However, there is a minimum time frame in which you must fix your stake in order to make a profit.
Stakefair serves the B2C segment as a gaming company that acts as a yield generation protocol, while providing financial infrastructure and related services to businesses and financial institutions.
Also read: Binance raises $ 500 million for cryptocurrencies and blockchain technology
For individuals, the benefits of DeFi include potentially better security, potentially lower costs, more types of services, and the ability to earn higher incomes through crypto holdings. These and other benefits are realized through decentralized apps such as Stakefair.
Target user
Nigeria is an important market for Stakefair. This is because DeFi start-ups were able to release their products in beta while focusing on the market. And as a global company, and because DeFi is borderless, the company already has customers from all over the world.
Stakefair also has great growth ambitions as it plans to expand to 100,000 users in Nigeria in the short term. The company also states that its long-term goal is to be a platform that will bring the first billion users to DeFi.
To achieve this, Stakefair unravels the mystery of DeFi and builds fun and exciting products that wrap the DeFi layer on existing product verticals that are used on a daily basis, something that wasn’t possible with these verticals before. Allows you to achieve.
The main target audience is enlightened, investment-oriented, spending-conscious individuals. They are also people who are thinking of maximizing the benefits of introducing technology into their day-to-day activities and interests.
Nonetheless, these individuals have some background in the real money gaming industry and probably have multiple betting accounts. More importantly, they are individuals with a good knowledge of crypto space and are looking for low-risk or risk-free investments.
Stakefair also addresses a wider range of individuals seeking to maximize their return and investment platform as long as they reach the legal age.
