Metaverse multiplayer crypto casino platform nets $5m capital injection

Decentral Games has completed a $5m funding round as the cryptocurrency multiplayer casino platform looks to expand its offering.

Founded in 2019, Decentral Games allows players to enter a decentralised autonomous organisation (DAO) and use an avatar to take part in a digital world of casinos.

The platform currently sports three virtual casinos featuring blackjack, poker and slots, with the funding round set to be used to develop casino table games including Texas Hold’em poker and multi-table tournament poker.

The online world also boasts a wearable non-fungible token (NFT) store to dress characters and a forthcoming virtual nightclub.

The platform uses the $DG cryptocurrency, which launched in December 2020, with more than $70m in bets having been placed on the platform.

Cash flow to date has seen the Decentral Games treasury stocked with more than $8m in assets, with that total deriving from casino games and NFT sales.

The funding round sees Decentral Games welcome new partners Collab+Currency, Metaverse Ventures, Genesis Block Ventures, Bitscale Capital, Cluster Capital, ID Theory, and AU21 Capital.

Decentral Games added the $5m capital injection would be used to add headcount to the firm’s product development and marketing departments.

There are currently 43 employees working for Decentral Games, including 20 live casino hosts.

Miles Anthony, Decentral Games project lead, said: “From day one the Decentral Games team has made community engagement a top priority. The legacy gambling industry has historically functioned by pinning the house against the player.

“Decentral Games’ community-first focus has flipped this dynamic effectively creating alignment between investors and players by allowing everyone the opportunity to be the house.

“We are thrilled to welcome these new partners aboard to accelerate our mission to bring engaging content to the metaverse. Their investment will fortify our capital position and provide our team with the flexibility to continue to focus on community-driven initiatives while scaling our capabilities in order to bring more complex games and events to market,” he added.