Stakefair, a Decentralised Finance (DeFi) company that launched last month after being in beta has announced the milestone of over $1M in users’ stakes. This comes shortly after the company announced it’s pre seed funding and expansion beyond DeFi gaming to be a DeFi ecosystem and include a business-2-business API service.
Stakefair launched as a gaming platform where users can predict the outcome of sports matches and other events, and stake digital currency on these predictions, without the risk of losing money. In 10 months, they have onboarded over 6,000 users, hitting the milestone of over $1M in cumulative user stakes with users predominantly from Nigeria, Ghana, Kenya and 15+ other countries.
Peace Popoola, Stakefair’s Growth Lead, says that their key growth drivers have included facilitating market adoption by lowering accessibility barriers within the product, leveraging on gaming & crypto communities in Africa, amongst others.
“As a DeFi product, facilitating market adoption has been key for us in mass onboarding individuals with fiat assets. We have built Stakefair as easy to navigate, easy to use for mainstream sports gamers.
Our unique no-loss proposition positions us to disrupt the gaming industry. We operate by investing user stakes on DeFi protocols, allowing us to make a profit from the investments while allowing a no-loss staking system for users”
“This is $1M staked by users and redeemed with returns, we are pleased to have made significant contributions to the lives of our users and our economy by helping them achieve their investments and financial goals while playing games they love.” says Peace.