Cryptocurrency in the Casino Niche - whatever happened to Funfair?

By
Tokeneo
-
3 min reading

Cryptocurrency has gradually made its way into the everyday online casino space. Now players can deposit their cryptos to play blackjack, slot games, poker and much more at a wide range of online sites. These operators don’t usually allow players to gamble with their crypto, but instead, their deposit is exchanged for the local fiat currency upon the deposit.


But there is another type of crypto casino that goes further than just accepting cryptocurrency deposits. These gaming operators enable players to gamble with their crypto to win more (often via a type of unique casino cryptocurrency) and sometimes the casinos and/or its games are developed from blockchain technology.

One example of these innovative crypto-like casinos is Funfair. But what happened  since its humble beginnings in 2018? Find out here.

What Is Funfair?


The Funfair cryptocurrency is like any other great crypto payment method, but it is made and used differently. The platform runs on decentralised blockchain technology, affording it impressive security and defence against potential hackers.

Players who use Funfair do so by using the local FUN Tokens. They gamble with these tokens which work something like a crypto. When they win bets, they receive more tokens which can be exchanged for other currencies or kept for further gambling.

Seventeen million FUN Tokens were created during their ICO in 2017. These raised a whopping $26 million from investors to get this unique type of online gaming service off the ground.

Is Funfair Still Around?

Yes, those savvy investors will be pleased because Funfair and their FUN Tokens are still around in 2020. Since they began, the platform has managed to grow its member base and become more profitable. Unsurprisingly, it has been a success to date simply because cryptocurrency usage and blockchain technology has become more mainstream. Fewer people are afraid of it, and more of the general public is embracing its advantages.

What Has Funfair Been Doing in 2020?

In 2020, Funfair has expanded its operation to Japan. The service has long favoured English-speaking nations but has now grown to accommodate Japanese players in their native language. The reason for this is simple. Research has found that Japanese populations are more willing to spend disposable income on gaming platforms. And the Japanese Government has been embracing crypto and blockchain. They were one of the first to implement fair regulations on both.

Will Funfair Keep Growing?

According to some figures published this year, the number of people who play crypto casinos each week is around 30,000. This would identify an increase in the number of players who want to access the services offered by Funfair. It is unsurprising that they are becoming popular due to their growth, but also because blockchain-orientated platforms increase player trust because they know the platform is so secure compared to some other online casino sites.

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