Azuro Decentralized Protocol has announced the successful closure of its seed investment round that allowed the company to raise $3.5 million. The company has successfully concluded the round with the help of companies like Gnosis, Flow Ventures, Arrington XRP Capital and others.
Additionally, the decentralized protocol was supported by SevenX, David Gan's OP Crypto, David Post and other Angel investors. The support of such a group of investors is a great sign of support for the company's growth, which is aimed at bringing decentralized wagering to the next level.
Companies, VCs and angels that participated in the funding round are experienced players from Web3, GameFi, DeFi, blockchain and other industries.
Solving existing issues
While the company has indeed presented a detailed roadmap and plans for the future, they had numerous problems tied to the prediction markets being overextended by previously existing solutions that have either succeeded or failed to present the demanded solutions.
We're super excited to announce we've closed our seed round raising $3.5mln and ensuring outstanding support for azuro! ?
— azuro (@azuroprotocol) January 19, 2022
Who we've partnered with and why?
?⬇️ pic.twitter.com/VKQeLbjFz2
The second problem was the wagering industry's issues with regulations and complicated entering processes. But at the same time, numerous partners of the company have pointed out that blockchain might become a solution for an industry that currently processes $250 billion in a year.
While there are a number of solutions currently on the market, Azuro is planning on building its products based on the fundamentals of the industry that exist outside of the blockchain space.
Unfortunate usage of a peer-to-peer model
Liquidity providers in the wagering industry have to start markets manually, set the odds and seed liquidity for each case. The market maker will also carry all the risks connected to the industry. All these obstacles lead to almost nonexistent liquidity in solutions similar to Azuro's.
Azuro has decided to change the conception of wagering on blockchain by utilizing smart contracts for liquidity provision and allocation. Traditional bookmakers will be replaced with a blockchain-based ecosystem with independent front-end operators and providers.
Azuro is the first protocol to introduce pooled liquidity that allows scaling on prediction markets in a similar way to lending protocols that are being used on platforms like Aave or Compound. With the new methods of processing and management, blockchain-based wagering has become more transparent and trustless.
Valeria Blokhina
Denys Serhiichuk
Gamza Khanzadaev
