The blockchain-based fantasy soccer firm raised $4 million in a seed funding round. Using the Ethereum blockchain, Sorare generates unique digital trading cards representing professional soccer players that can be traded by users. A user plays as the team manager and can use their five cards to compete in the weekly league competitions. The company managed to raise $4 million in the seed fund last month. Recently, the company announced licensing partnerships with the U.S. soccer league, MLS, and the South Korean K-League, bringing both leagues onto its platform.
The firm added 3,500 new users to its platform after getting a license.
According to the firm’s CEO, Nicolas Julia, the two agreements helped the firm add about 3,500 new users to its platform. According to the company, the agreement will bring over 700 MLS players onto Sorare’s platform, which currently includes players from the South Korean K League and teams, including Juventus, Napoli, and Lyon. The CEO also revealed that the firm’s platform currently has about 3,500 monthly active users and recorded over $350,000 in sales for June. He added that the firm has been growing consistently despite the lack of football during the ongoing global pandemic.
Blockchain adoption grows amid the pandemic.
The regulators across countries, amid the pandemic, are looking for safer ways to allow businesses to work that does not require human to human contact. The digital ledger technology that underpins most cryptocurrencies has been proved to beneficial in such cases as the technology removes the need for paperwork. Government and private sectors around the world have acknowledged the potential of blockchain technology. Later last year, Chinese President Xi Jinping said that China should take the lead in blockchain technology. As reported earlier, over 10,000 blockchain companies have been registered in China so far this year.