Representatives of the cryptocurrency platform of non-fungible tokens (NFT) Rario announced the attraction of capital from investors. The management of the fantasy cricket site has assured that they managed to raise $120 million from large investors, led by Dream Capital. Alpha Wave Global studios, Animoca Brands, and venture capital funds Presight Capital and Kingsway Capital also took part.
The funds raised will be used to develop the fantasy sports platform and expand the user base. This will be an important milestone in the Web 3.0 development program.
Rario representatives confirmed that the Series A funding round ended much earlier than planned, thanks to the participation of the venture arm of the Dream Sports platform. The companies will now team up to allow the NFT service to reach the 140 million Dream Sports users who will be offered innovative products across India.
Dream Capital has partnered with Rario to help fans connect more closely with their favorite cricket teams. Dev Bajaj, chief strategy officer at Dream Sports, announced the news. His company also plans to support more tech startups in the cryptocurrency space, especially NFTs.
Rario executives assured that the platform will implement new functionality that will allow fans to trade officially licensed tokens that capture the moments of the best cricket games.
Representatives of the firm noted that their young company recently entered into a partnership agreement with the Australian Cricket Players Association to create a sports metaverse.
Earlier edition reported that KuCoin announced the launch of a fund to support NFT-related startups.