Blockchain powered fantasy sports platform, MyDFS, has announced it has received $1 million in funding from LD Capital, one the largest crypto investments firms in China.
The investment will see the fantasy sports operator take their fantasy sports games to Asia.
“Professional sports are the most addictive entertainment in the whole world,” said Viktor Mangazeev, CEO at MyDFS in an interview with Venturebeat.
“That is why a major factor of fantasy sports booming in popularity is the fans’ passion for deeper engagement and an intense desire to become a part of the action.”
MyDFS uses blockchain technology to give users global access and increased transparency to users. Cryptocurrency can be used as in-game currency to enter games, draft lineups and play against other users on the platform.
MyDFS claims it will be the first company to bring fantasy leagues to Asia.
“The World Cup will definitely bring new users to the exciting world of fantasy sports,” said Mangazeev. “FIFA has jumped in with McDonald’s to release its own fantasy football app that will be promoted through the most famous fast-food chain in the world during the month of the World Cup. The app will be free-to-play and be used for fan engagement only. But for us, it means that the whole fantasy sports industry will be promoted to a vast audience all around the world.”
The $1 million investment from LD Capital will be used to promote the app globally to create a community around the platform.
Mangazeev said they will be applying to licenses where appropriate in the near future.