• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 29, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business StartUPs

Stakefair, a DeFi Startup Launches Operations, Raises $670,000 in Pre-Seed Funding

by Yinka Okeowo
July 13, 2022
in StartUPs
2
UBA
Advertisements

Stakefair, a Decentralized Finance (DeFi) company that is poised to disrupt the Real-Money Gaming industry, has launched.

Stakefair allows users to predict the outcome of sports matches and other real-world events to earn money by staking digital currency.

Like traditional gaming companies, the outcome of the wager can either be a win or a loss. However, Stakefair’s game-changer is its ‘no-loss’ sports staking offering that encourages individuals to see the platform as a yield generator through their crypto stake.

The ‘no-loss’ sports staking model is simple. When a user stakes a unit of a coin on a set of games, Stakefair will invest it in DeFi lending pools so that it can yield interest.

If the user’s stake wins, they get their capital and some return on investment (ROI). If not, they get only their original staked amount. 

There is however a minimum timeframe for which the stake must be locked up to yield a return.

Founder and chief executive officer of Stakefair, Akinyemi Akindele says that Stakefair was just meant to be a predictions website that allows users to stake on events using digital currency but he “was triggered by the stories of ruin and regret of the respondents of the user research,” so he “set out to build a financial model to see if ‘no loss’ sports predictions was achievable.”

Stakefair has been undergoing beta testing as BetDemand since the end of 2021 and has witnessed impressive consumer acceptance.

To date, the platform has attracted over 6,000 users from Africa, Europe and North America, and recorded over $800,000 in user stakes. However, during the testing phase, Stakefair evolved beyond a gaming company.

“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.

“Due to the popularity of Stakefair during the beta period, we have decided to vertically integrate and build our own DeFi lending and borrowing pool. That way, the lending and borrowing that generates the yield that backs our no-loss pools can happen on our platform,” Akindele said.

Stakefair is now ready for a full-scale roll-out and has raised $670,000 in pre-seed funding.

Investors involved in the round include; 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.

IN NUMBERS – Watch Stakefair’s numbers here:

https://www.youtube.com/watch?v=FZWZ0kg_aS4

The funds are being channelled towards building an ecosystem for decentralized and centralized platforms to interact with ease; that is, a DeFi yield generation protocol for users, businesses and governments.

Loading

Advertisements
MTN ADS

Author

  • Yinka Okeowo
    Yinka Okeowo

    View all posts
0Shares
Tags: Stakefair
Yinka Okeowo

Yinka Okeowo

Next Post

London-based fintech, Zazuu Raises $2 million as Target is to Build World’s First Non-biased Payments Platform

Comments 2

  1. Pingback: Stake fair, a Defi startup raises $670,000 in pre-seed round of funding - InAfrica Network
  2. Pingback: Stake fair, a Defi startup raises $670,000 in pre-seed round of funding - Venture Daily News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

UBA Africa Conversations

UBA Africa Conversations: Elumelu Engages 5 Inspirational African Women CEOs

2 years ago
What to Look Out for Before Investing in a Company

Expert’s Advice: What to Look Out for Before Investing in a Company

1 month ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.