Leading cryptocurrency gambling platform FreeBitco.in, a platform with a built-in faucet and over 41 million registered users, has announced the acquisition of a majority of FunFair’s FUN token cold storage in a bid to boost transparency in online gaming.
According to a press release, FreeBitco.in acquired 3.75 billion FUN Tokens. The acquisition will see the gambling platform invest in the token’s long-term development while maintaining its commitment to online gaming.
· “Since 2013, FreeBitco.in’s goal has always been to provide online gaming enthusiasts with an anonymous, transparent, and truly fair experience. There’s no better fit than the FUN token to help us significantly enhance our efforts,” stated FreeBitco.in.
To grow the FUN token ecosystem, FreeBitco.in is reportedly planning on making it an independent entity through a series of projects. Its initiatives include investing a “substantial portion of its bottom line” to strategically acquire and burn FUN tokens and creating a dedicated wallet for FUN token users, which would operate seamlessly between online gaming platforms.
The team at FreeBitco.in also reportedly plans on moving the FUN token away from the Ethereum blockchain. According to
BitInfoCharts, transaction fees on the Ethereum network have swollen to new all-time highs thanks to a boom in decentralized finance.
Moving the FUN token to a faster and cheaper blockchain that supports smart contracts could make it more usable. Ethereum has several competitors, including the BINANCE Smart Chain, Polkadot, Cardano, and TRON.
The team also plans to build “innovative, consumer-facing apps based around the FUN token,” in a bid to create more use cases for it and boost adoption. Building effective partnerships would also be a part of the plan.
· “Our sole objective, as of now, is to work to increase FUN’s utility and value. We’re thoroughly committed to its long-term growth,” continued FreeBitco.in.
The FUN token itself, it’s worth noting, was launched back in 2017 through an initial coin offering (ICO) run by FunFair Technologies.
Premium Membership Program
FunFair has reportedly achieved “significant milestones” with the FUN token, but in a statement the firm wrote it has “become apparent that FreeBitco.in has developed a different and superior use case for the FUN token.”
That superior use case is the platform’s Premium Membership Program, a feature incentivizing its users to buy and hold FUN to gain benefits on the platform. Benefits include cashbacks, free rewards, and additional interest on Bitcoin holdings.
The platform’s promotion of the FUN token has reportedly seen its activity surge, which appears to be part of the reason for the acquisition. FunFair’s statement read that there’s “no doubt” FreeBitco.in’s users are “currently generating the bulk of FUN token commercial activity rather than FunFair’s customers.”
The FUN token is currently trading across several major cryptocurrency exchanges, including Binance, OKEx, Bitfinex, HitBTC, and Uniswap. Its
price has risen over 900% year-to-date, going from $0.003 in the beginning of the year to over $0.031 at press time.
