The Ledger: Polymarket secures $70m, CryptoSlots turns six, and Softswiss releases State of Crypto report

In this week’s The Ledger, Polymarket celebrates successfully raising $70m, CryptoSlots celebrates its birthday, and Softswiss… is less celebratory about BTC’s Q1 share of the gambling market

Crypto prediction market Polymarket has announced this week that it had raised $70m in two funding rounds. Among the investors are high-profile figures from the crypto industry such as Peter Thiel's Founders Fund and Ethereum co-founder Vitalik Buterin.

This week also saw the release of Softswiss’ latest quarterly State of Crypto report. It revealed that use of Bitcoin for gambling dropped by 9.4 percentage points in the first quarter of 2024.

The crypto gambling platform supplier attributed the marked decrease to the bolstering BTC exchange rate and, consequently, players exercising more caution.

The Series A funding round was led by General Catalyst and amassed $25m from Airbnb co-founder Joe Gebbia. Founders Fund, which led the Series B round, managed to raise $45m. Dragonfly Capital and Eventbrite co-founder Kevin Hartz were among the investors.

Meanwhile, CryptoSlots marked its sixth birthday with the introduction of new games, generous bonuses, and complimentary tokens for its $1m Jackpot Trigger game.

CryptoSlots has achieved several milestones over the past year, including the launch of more than 20 new games, such as Chinatown High Limit, Bank Bust, Pawsome, Twin Wins, and Forest Fairy Fortune.

In less happy news, brothers Anton and James Peraire-Bueno were reported to have stolen $25m worth of cryptocurrency in just 12 seconds in April 2023. The pair face wire fraud and money laundering charges that could see them serve 20-year prison sentences.

The two are reportedly enrolled at the Massachusetts Institute of Technology. According to Deputy Attorney General Lisa Monaco, the brothers stole the funds in Ethereum, using a cutting-edge scheme they plotted for months, but executed in seconds.

Meanwhile, Stake.com has expanded its presence in Latin America through a newly inaugurated gaming hub in Bogota.

The office will allow the company to expand in the burgeoning Colombian igaming and sports betting market, following the recent acquisition of Betfair Colombia.

DuelBits hit the news twice this week, first with its partnership with UFC star Conor McGregor and then with the launch of its Festival of Football promotion.

Finally for this week, emerging crypto gambling platform Insanity Bets has ramped up the allure surrounding its Initial Coin Offering with the announcement that it is launching a $1m presale jackpot.

One lucky investor who takes part in Insanity Bet’s $IBET presale will have the chance to grab the prize once the presale concludes.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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