Crypto casino and Bitcoin faucet freebitco.in has announced that it has acquired 3.75 billion $FUN tokens from FunFair technologies in a landmark deal.
Freebitco.in has recently integrated the FUN token into a loyalty and rewards program at its casino, in a move which has seen the price of FUN increase dramatically.
But it has now purchased an additional 3.75 billion FUN tokens directly from the 4.45 billion FUN that FunFair had been holding in cold storage.
In a statement, FunFair said that the defi boom had made it challenging to operate an on-chain casino, and that the Freebitco.in use case was generating ‘the bulk of FUN token commercial activity, rather than FunFair’s customers.”
“In light of this new use case and its potential for the token economy, FunFair has agreed to sell the majority of its FUN token holdings to Freebitco.in, giving Freebitco.in more opportunity to use the token for loyalty and promotions marketed to their millions of customers,” FunFair said.
In a separate statement, freebitco.in said it would ‘invest in the token’s long-term development’. It pledged to strategically burn tokens, improve liquidity, port the FUN token to a new blockchain, build a dedicated wallet and create new partnerships.
“Since 2013, FreeBitco.in’s goal has always been to provide online gaming enthusiasts with a frictionless, transparent, and truly fair experience,” freebitco.in said. “There’s no better fit than the FUN token to help us significantly enhance our efforts.”