EXCLUSIVE: goat_capital and CsquaredVC co-led the $6.2 million seed round for new crypto firm FARE Protocol, which will launch its ecosystem and token on Arbitrum later this year. BrandyBetz reports
has raised $6.2 million in a seed round led by Goat Capital – the firm managed by Twitch founder Justin Kan – and C Squared Ventures. The fundraise comes ahead of the ecosystem and native token launch on Ethereum layer 2 blockchain Arbitrum later this year.of one of the most-hyped events in recent memory: an airdrop of its long-awaited ARB token to early builders, users and investors.
The FARE ecosystem is built on probability smart contracts, which are triggered by transparent on-chain events based on probability variables. The first use case for the contracts is randomized minting and burning of the FARE token. The system is designed so the probability of losing or burning a token is higher than minting or winning, similar to how a real-world casino operates. Instead of a centralized “house” getting the profits, the collected FARE tokens are distributed to the ecosystem.
Other investors in the round included 6th Man Ventures, Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp and DWeb3, among others.
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