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Blockchain startup — Azarus raised $1.8 million for Smart Challenge platform

Blockchain startup raised funds

Azarus has raised a whopping $1.8 million in a seed funding round led by Galaxy Digital (via Galaxy EOS VC fund), according to InWara’s market intelligence platform.

Are you a fan of gaming?

Or like watching your favorite gamers on twitch? If you are! Then would you like to be paid for doing so?

That’s exactly what Azarus’ platform does — it allows gamers to compete for crypto tokens in gaming challenges and can be redeemed for virtual goods and other gaming related items. 

Sam Englebardt, co-founder of Galaxy Digital was quoted saying “Azarus’ implementation of blockchain tech and the EOSIO protocol is precisely what we look to invest in from the Galaxy EOS VC Fund: a scalable and consumer-friendly gaming platform that demonstrates the promise of blockchain technology”. 

Azarus’ blockchain-based “Smart Challenged to redeem in-game goods and other gaming related items. First launched in 2018 — the Smart Challenge platform is designed to increase player engagement and retention by augmenting players engagement. 

Galaxy Digital portfolio breakdown

Blockchain startup raised funds

InWara’s market intelligence platform

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Galaxy digital has invested in a slew of Blockchain and crypto projects over the years including in projects such as Bakkt, Bitgo, High Fidelity among numerous others. Overall Galaxy Digital has taken part in over a dozen investment rounds, valued at a whopping $466.8 million (source).

A majority of the firm’s investments was in early-stage tech startups — Venture Round (25%), Series A (33%) and Seed round (8%).

So why invest in a gaming platform? The gaming industry could trigger mass adoption of crypto as gamers use it in-exchange for receiving virtual goods.

Also, gamers are usually tech-savvy people who are open to using new technology, so the transition from fiat to crypto shouldn’t be a difficult one.

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