Nigerian startup Stakefair raises $670,000 in pre-seed round

Stakefair recently received $670,000 in pre-seed investment and is now prepared for a full-scale roll-out.

Adaverse, Nestcoin, Kepple Africa Ventures, Canza Finance, Voltron Capital, Echo VC Chain, Timi Aboyeji, Tomiwa Olaosebikan, Peter Kisadha, Saturn Blockchain Ventures, Thrive Africa Syndicate, Nehikhare Igbinijesu, Oluchi Enebeli, and Clement Hugbo are among the investors who participated in the round.

The funds are being used to create a DeFi yield generation protocol for customers, companies, and governments, which will enable decentralized and centralized platforms to connect with ease.

The future of financial investment is being changed by the rising financial technology known as DeFi. It permits the establishment of digital wallets and more affordable, quick financial transactions. DeFi does away with the necessity for third-party controls, fees, and laws. By generating new digital assets and modes of ownership through cryptocurrencies and other digital investments, this decentralized system is democratizing the future of investing and make it more accessible. DeFi offers a simple and safe way to access financial services, giving customers greater power and removing it from the hands of central banks.

Users of Stakefair may forecast the results of sporting events and other real-world events in order to stake digital currency and make money. The conclusion of the wager might result in a gain or a loss, just like with conventional gaming businesses.

Stakefair's "no-loss" sports betting option, which encourages users to view the site as a profit producer through their crypto stake, is what really changes the game.

The "no-loss" sports betting model is straightforward. User units of coins are staked on a series of games, and Stakefair invests them in DeFi lending pools so they may earn interest.

If the user's stake succeeds, they receive their initial investment plus some profit. If not, they just receive the amount they initially bet. There is a minimum amount of time that the stake must remain locked up in order to generate a return, though.

Akinyemi Akindele, the founder and CEO of Stakefair, claims that Stakefair was only intended to be a predictions online platform that allowed users to wager on events using virtual currency. However, he was moved by the user research respondents' tales of ruin and regret, and he set out to create a financial model to determine whether "no loss" sports predictions were feasible.

“We have built much more than the business-to-consumer (B2C) DeFi gaming products, we have also built the DeFi infrastructure that allows other developers to build DeFi apps like ours for use cases such as no-loss staking, treasury management, yield aggregation, wallets and market-making,” he said.

Since the end of 2021, Stakefair has been in beta testing as BetDemand and has shown significant user adoption. Over 6,000 people from Africa, Europe, and North America have joined the platform so far, and user stakes total over $800,000. Stakefair, however, changed throughout the testing period and became more than a gaming business.

Given Stakefair's success during the beta stage, the platform has made the decision to vertically integrate and create its own DeFi loan pool.  According to Akindele, lending and borrowing that creates the income that supports its no-loss pools may take place on the platform.

Imagine playing bets where you could be certain not to lose any money. Risk assessment is what distinguishes gaming from trading and investing. There is a potential drawback while playing games on conventional gaming consoles. The innovative idea of Stakefair enhances your game by giving you the chance to stop losing.