Stakefair goes live with a pre-seed fund of 670,000 to build its own DeFi ecosystem
Decentralized finance platform (DeFi), stake fairlaunched its innovative no-loss staking platform.
Stakefair is a gaming platform where users can predict the outcome of sports matches and other events, stake digital currency on those predictions, and earn money. Previously in beta as BetDemand, it has enjoyed great reception in its beta phase, already onboarding over 6,000 users and registering over $800,000 in stakes. With this launch, it is now ready to expand its services to include a business-2-business API service.
Imagine a world where every time you invest money or bet, you are guaranteed no loss. Whatever the odds, you are sure not to lose any money. What distinguishes the game from trading and investing is the calculation of risk. With games on traditional gaming platforms, one can expect a possible negative outcome. Stakefair’s unique proposition elevates your game by providing an opportunity to eliminate losses.
Founded by Akindele Akinyemi, Stakefair operates by investing staked funds in DeFi loan pools. Stakes are converted into stablecoins, and when users stake events and lock them within a set time frame, Stakefair then invests that USDT into DeFi loan pools to generate interest. This means that if the result is positive, users get their capital and a certain return on investment (ROI). If they lose, they only get their capital back. This method allows Stakefair to profit from investments while allowing a lossless staking system.
Challenge is an emerging financial technology that is reshaping the world of finance and represents the future of financial investing. It enables the creation of digital wallets and cheaper and faster monetary transactions. DeFi eliminates the need for third-party regulations and third-party fees and controls. This decentralized system democratizes the future of investing and makes it accessible by creating new digital assets and new methods of ownership through cryptocurrency and other digital investments. DeFi provides an accessible and secure method of financial services that gives more control to the individual and takes control of central bank entities. This safe and secure peer-to-peer method makes DeFi the future of financial investment.
Stakefair is investing in this future of fintech by creating an avenue for diverse and equitable access to gaming returns. Anyone with an internet connection has access to the platform and controls their stake. With the no-loss method, they also eliminate the risks of using traditional financial services for gambling.
stake fair has grown by leaps and bounds since its beta phase. Now he has raised $670,000 in a pre-seed fund from several investors including; Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli and Clement Hugbo.
With this seed cycle, they take on bigger challenges and scale the business from just a customer-business-2 relationship, to now include a B2B model. And with its launch, the DeFi startup is building its own DeFi lending pool and making the API infrastructure that currently powers it in beta available to other businesses and developers.
Stakefair aims to create a DeFi yield generation protocol for users and businesses and generate more profits internally by investing funds on its own platform. Their infrastructure allows other developers to build lossless staking platforms like theirs and other decentralized applications (dApps) for wallets, cash management, and more. The goal is to create an ecosystem of decentralized and centralized platforms that easily interact. Stakefair Founder and CEO Akinyemi says, “Due to the popularity of Stakefair during the beta period, we decided to vertically integrate and build our own DeFi lending and borrowing pool. This way, the lending and borrowing that generates the return that sustains our lossless pools can happen on our own platform.
Akinyemi has a documented history of building blockchain solutions. He believes in the future of wealth creation and control that Web3 will bring to Africans and is building an ecosystem in that direction. Starting at Interswitch, he has spent his career building blockchain solutions at world-renowned companies such as Binance, EMTECH, and other blockchain development companies. He believes that Web3 is the future and stakes his claim there and makes it accessible to other Africans through easy investment and yield generation.
To learn more, visit Stakefair here.