Crypto Company FARE Protocol Raises $6.2M Ahead of Token Offering

FARE Protocol has successfully raised $6.2 million in a seed round led by prominent investors Goat Capital and C Squared Ventures. The round was spearheaded by Goat Capital, which is managed by Twitch founder Justin Kan. The funds were raised in anticipation of the forthcoming launch of the ecosystem and native token on the Ethereum layer 2 blockchain, Arbitrum, later this year. This significant investment underscores the confidence that these investors have in FARE Protocol's vision and potential for growth in the decentralized finance (DeFi) space.

Arbitrum was recently in the spotlight for one of the most talked-about events in recent history: the highly-anticipated airdrop of its ARB token to early adopters, developers, and investors. However, the event was not without controversy, as the Arbitrum DAO was criticized for prematurely transferring almost $1 billion worth of tokens to the Arbitrum Foundation before the vote on how to allocate the funds had concluded. Despite this issue, the ARB airdrop has generated significant excitement and interest in the cryptocurrency community, highlighting the potential of Arbitrum's layer 2 solution for the Ethereum blockchain.

The FARE ecosystem is constructed with probability smart contracts that are activated by transparent on-chain events, determined by probability variables. The initial application of these contracts is in the randomized minting and burning of FARE tokens, where losing or burning tokens occurs at a higher probability than winning or minting, mimicking the operations of a traditional casino. However, in contrast to a centralized "house" benefiting from the profits, the collected FARE tokens are distributed throughout the ecosystem. This innovative system creates a decentralized and fair platform for participants to engage with, and it is anticipated that the probability smart contracts will be utilized in other ways as the FARE Protocol expands and evolves.

The seed round attracted several prominent investors, including Republic Crypto, Arrington Capital, Eniac Ventures, Spark Digital Capital, Morningstar Ventures, Quantstamp, and DWeb3, among others. 6th Man Ventures also participated in the funding round, bringing the total number of investors to an impressive list of leading venture capital firms, blockchain investment funds, and notable angel investors. Their support is a testament to the potential of FARE Protocol and its innovative approach to decentralized finance.