Swoop raises $1.5 million in seed round to create India’s first crypto fantasy league app
Swoop, a Web3 Fantasy League app, today announced it raised $1.5 million in seed funding. The raise was led by exchange giant FTX Ventures as well as Solar Eco Fund.
The seed round will be used to help bring India’s first Crypto Fantasy League app to market, onboard users, enable Cricket partnerships, and support local education on crypto and the Play-to-earn movement. The app expects to launch in late March in time for the Indian Premier League (IPL) 2022.
“The round represents a set of strategic investment partnerships for Swoop. We’re bullish on Fantasy Cricket, NFTs, Crypto, and India, but especially the intersection between these areas. Swoop is excited to have such titans of the crypto industry to support us in achieving our vision” said Manish, CEO of Swoop.
“Fantasy Cricket is an opportunity for web3 to deliver a seamless and fun experience for billions of fans, in India and around the world. We are very happy to be investing in Manish and his team, who are well-positioned to deliver on this promise.” – Bill Cherman, Solar Eco Fund
India’s passion for cricket, high penetration of mobile phones, and low-cost data plans have propelled the Fantasy Sports industry to new heights in India. But problems like transparency, security, and speed are causing this industry to not reach its potential. Onerous entry and cash-out requirements also act as a major barrier to entry effectively locking out millions of potential users. Swoop aims to address these problems through a blockchain-based app that allows users to play and earn in crypto.
The team at Swoop, a group of friends and graduates of the Indian Institutes of Technology (IIT), are in the process of finalizing their NFT program and app launch for IPL. For more information on Swoop, please visit the project on Twitter @SwoopFantasy or at swoop.games.
Swoop is the new Fantasy League app on the block built for India. We’re a fully crypto-based platform in which players play and earn in crypto. With the app launching in time for Indian Premier League (IPL) 2022. We’ve got big plans to onboard millions of Indian users onto Web3 through new games, features, and more.
Disclaimer: This is a paid post and should not be treated as news/advice.