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Azuro raises $4 million to develop betting protocol

  • As a decentralized autonomous organization, Azuro is developing a betting protocol based on blockchain technology.
  • Finally, the protocol targets traditional bookmakers in the industry, who are often encouraged by winnings.
  • Online betting is a prosperous industry where people love their luck by throwing their money in hopes of increasing it without effort.

A major disruptor in the market?

As a DAO, Azuro is developing a blockchain-based betting protocol. As the organization announced on Monday, it has raised $4 million in a funding round to fuel development.

The funding round included Formless Capital, Quiet Capital, Merit Circle, Gnosis and Hypersphere.

The organization’s main motive is to replace the conventional bookmakers like sports betting, which are often seen as predatory and encouraged by profits, to become a disruptive factor in this $200 billion mammoth industry.

The protocol will leverage liquidity pools, DAO governance, NFTs and prediction markets in the backend to reduce associated betting costs. The project went live on the Gnosis Chain mainnet in early June.

Key contributor to the project, Rossen Yordanov, explained in a press release that the stimulus misalignment issue persists.

Rossen went on to say that this is a zero-sum game, which is why several organizations in the betting industry are making great efforts to create an unethical and foggy environment for users.

The blockchain-based betting sector, despite its robust foundation, is still in its infancy and no prominent player has emerged from the bushes. As always, legitimate implications constantly loom over mainstream industry acceptance.

Blockchain has always been a major disruptor for the tenacious organizations and businesses operating today that don’t use it.

This is because blockchain based applications and protocols solve the problems of the existing protocols and applications. It is believed that in the coming years, when blockchain technology will conquer the world, many applications that we use today will be replaced, for example Netflix, YouTube, Facebook, etc.

Because of this, it is considered a major disruptor in every sector that operates on Earth.

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