Sportzchain Secures $600,000 In Seed Funding The fund raised will be used to augment the app development and focus on expanding the user base through advanced marketing techniques
By Teena Jose
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Sportzchain, a blockchain-based fan-engagement ecosystem, has secured $600,000 in a Seed funding round led by SUNiCON Ventures and MAKS Group. The fund raised will be used to boost the app development and marketing strategies to onboard more web 2.0 users. The brand is focusing on the Asian sporting ecosystem, which has more than 3 billion fans across mainstream and non-mainstream sports, as per the company's statement.
"Investing in fan tokens and phygital collectibles is becoming increasingly popular in India. At Sportzchain, we strive to make the entire Indian sports ecosystem more inclusive so that fans can do more than just cheer their favorite teams from their sidelines," said Siddharth Jaiswal, founder and CEO, Sportzchain.
The company is currently focusing on launching an unparallel platform where fans and crypto enthusiasts can buy sports tokens of their preferred teams. The platform's beta version is expected to launch in 2022 and the pre-launch signups have already crossed the 500 mark, claimed by the company in a statement.
Earlier this year, Sportzchain also launched NFTs of Tamil Thalaivas, a pro-kabaddi team along with a signed jersey by the Tamil Thalaiva captain, Surjeet Singh. The company's vision is to create a virtual world for the sporting fraternity that would eliminate the current hurdles for the fans and bring them closerto the teams they support and convert it to a long-lasting relationship.
