GAMBLING

MyPrize Crypto Casino Raises $13M At $140 Valuation

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Posted on: March 26, 2024, 12:39h. 

Last updated on: March 26, 2024, 12:53h.

Cryptocurrency casino operator MyPrize said Tuesday it raised $13 million across two financing rounds, bringing its enterprise value to $140 million.

MyPrize
The logo for MyPrize. The cryptocurrency casino operator raised $13 million at a valuation of $140 million. (Image: MyPrize)

That valuation is based on the company’s “fully diluted equity capitalization plus the implied fully diluted value of warrant.” Founded by Zach Bruch, Paul Martin, Max Bruch, and James Seibel, Miami-based MyPrize is the first firm of its kind to garner backing from Silicon Valley investors hailing from the cryptocurrency, entertainment, and technology spaces.

MyPrize offers a unique platform where players can play directly alongside their favorite creators and friends, allowing them to play with broader communities for the first time. MyPrize transcends boundaries, and gives players and fans what they have been desperately craving, a unified open platform that combines the best of both online gaming and streaming,” according to the company.

MyPrize is a web3 gaming platform that encourages an element of collaboration and social gaming that’s often not found on traditional wagering sites.

Crypto Casinos Gaining Popularity

Crypto casinos have boomed in popularity in recent years, providing an avenue for increased adoption and use of Bitcoin and other digital currencies.

While some of these gaming outlets may be considered safe, many are licensed outside of Europe and North America, and aren’t regulated to the extent of comparable offerings from the likes of BetMGM, Caesars, and DraftKings. Internet casino and online sportsbook operators doing business in the US aren’t allowed to accept crypto as payment.

Some experts believe unregulated online gaming entities, including crypto casinos, could be prime targets for digital fraud. However, to the credit of MyPrize, the founders are steeped in experience in the digital assets realm, potentially implying they have the expertise needed to offer robust security features on the platform.

MyPrize integrates with streaming platforms such as Kick, LivePeer, and Twitch, among others. The crypto casino is available in 44 US states, according to the operator’s website.

MyPrize Sports Vaunted Investor Roster

MyPrize’s investor roster reads like a who’s who of venture investing as well as the gaming and cryptocurrency arenas.

MyPrize’s two rounds of venture financing were led by Dragonfly and Boxcars Ventures respectively, with participation from Mechanism Capital, Arrington Capital, Luca Netz (CEO of Pudgy Penguins), Peter Smith (Founder and CEO of Blockchain.com), a16z Scout, 640 Oxford, 2 Punks Capital (Marc Andreesen, Alexis Ohanian, Chris Dixon, and more), Breed VC, JST Capital, Steve Rosenthal (Co-Founder of casino giant, Jack Entertainment), the Kadoorie Family, Jeff Feng (Co-Founder of Sei), Jason Leung (former Global Head of Trading at Cumberland DRW), Tian Zeng (Founder and CIO of Nirvana Capital), Joshua Kaufman (Founder of Atly), Shiliang Tang (Former CIO of LedgerPrime), Spencer Noon, David Choi (founder of MetaStreet), and Joshua Lim (Former Head of Trading at Galaxy Digital & Circle),” according to the statement.

As just one example, Andreesen’s venture firm, Andreesen Horowitz, has backed well-known companies including Coinbase, Facebook, Pinterest, and Slack, among others.

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