Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Through a series of ventures, FreeBitco.in seeks to promote the mass adoption and utilization of FUN Token in the iGaming and Gaming spaces.
FreeBitco.in, one of the biggest Bitcoin iGaming websites in the world, has acquired the majority of FunFair’s remaining cold storage of FUN tokens, the native cryptocurrency of the FunFair gaming ecosystem. The cold storage holds 4.45 billion FUN Tokens and FreeBitco.in has acquired 3.75 billion tokens.
Through this acquisition, FreeBitco.in plans to invest in the token’s long-term development.
“Since 2013, FreeBitco.in’s goal has always been to provide online gaming enthusiasts with a frictionless, transparent, and truly fair experience,” said a statement by FreeBitco.in. “There’s no better fit than the FUN token to help us significantly enhance our efforts.”
<h3 data-param="2" id="the-fun-token“>The FUN Token
Since 2017, FunFair Technologies has been striving to deliver a guaranteed fair, decentralized gaming experience to the mass market through blockchain technology utilizing the FUN token.
“Despite several industry firsts and significant milestones in proving that use case, it has recently become apparent that FreeBitco.in has developed a different and superior use case for the FUN token,” said a statement released by FunFair.
This announcement refers to FreeBitco.in’s Premium Membership Program; a feature that incentivizes FreeBitco.in users to buy and hold FUN tokens for significant benefits. This activity has driven considerable volume into the token economy without the burden of significant on-chain transactions.
“There’s no doubt that FreeBitco.in’s customers are currently generating the bulk of FUN token commercial activity rather than FunFair’s customers,” continued the statement.
“With this in mind and for the token economy to maintain its recent success, FunFair has agreed to sell the majority of their FUN token holdings to FreeBitco.in.”
FUN is an ERC20 token listed on major exchanges Binance, BitFinex, HitBTC, Changelly, and OKEx, as well as decentralized exchanges like Uniswap.
FreeBitco.in’s Vision for FUN
FreeBitco.in aspires to grow the FUN token as an independent entity through a series of upcoming projects.
“Our sole objective, as of now, is to work to increase FUN’s utility and value,” said FreeBitco.in. “We’re thoroughly committed to its long-term growth.”
Accordingly, FreeBitco.in is preparing to undertake the following initiatives:
- Strategic Burning of Tokens: FreeBitco.in plans to invest a substantial portion of its bottom line into strategically acquiring and burning FUN tokens to elevate their value over time.
- Improving Liquidity: FreeBitco.in is working on increasing FUN’s liquidity across all markets, thus making it easily accessible and tradeable. This is evidenced by a cumulative influx of $3 million in the FUN/ETH and FUN/USDC trading pairs on Uniswap recently, and other exchanges are set to follow.
- New Blockchain: Based on the Ethereum blockchain, FUN prided itself on being fast, open, and secure. However, the growth of DeFi on Ethereum has been pushing gas prices up for many months, making the adoption of FUN too expensive for users. FreeBitco.in is actively exploring opportunities to port the FUN Token to a new blockchain that is faster and cheaper.
- Dedicated Wallet: FreeBitco.in is working on creating a dedicated wallet for FUN users that can operate seamlessly between different iGaming platforms. The wallet would also help users convert their FUN tokens into multiple crypto and fiat currencies.
- Proactive Development: FreeBitco.in is assembling a development team to build innovative, consumer-facing apps based around the FUN token, thus creating more use cases, strengthening utility, and promoting adoption.
- Creating Effective Partnerships: FreeBitco.in seeks to build productive partnerships and affiliations with other iGaming entities to promote FUN’s identity as a transactional currency in online gambling.
Note: This is not a partnership between the two organizations, namely FreeBitco.in and FunFair Technologies. The aforementioned acquisition and venture is at the sole discretion of FreeBitco.in.
Founded in 2013, FreeBitco.in is one of the largest crypto-gaming websites and the seventh-largest online casino in the world (Source: SimilarWeb). FreeBitco.in was created to promote Bitcoin’s utility and facilitate its adoption. However, it has grown by leaps and bounds since then.
Powered by a fully automated, proprietary tech-stack, FreeBitco.in features a simple but powerful HI-LO Dice Game supplemented by contests, rewards, jackpots, and a popular Lamborghini giveaway.
With 41 million users, 52 million monthly visits, and a $600 million-per-annum wagering volume, its influence on the Bitcoin community is significant.