Guesser, a user-friendly interface constructed atop the Augur (REP) decentralized oracle and prediction market protocol, has secured $1.1 million in seed funding from a number of crypto-friendly enterprise capital funds.
For Guesser, whose workforce works out of the Spanish capital of Madrid, the injection of capital supplies them with “the chance to construct a high workforce of extremely pushed individuals, outline market distribution, in addition to act as a excessive liquidity supplier in some markets,” co-founder and CEO José Garay said on Thursday in Guesser’s weblog submit.
Guesser additionally used the funding announcement to disclose they’re rising their providing from one to 4 ‘Guess of the Week’ classes: crypto, finance, politics, and normal information. All 4 will take pleasure in “additional liquidity from the corporate,” Garay added.
Whereas Augur will be too sophisticated and time consuming for the common consumer, we’re constructing a user-friendly interface that abstracts away the complexity of cryptocurrencies and makes investing in prediction markets as partaking and frictionless as investing in cash or shares.” – Garay
As introduced in Guesser’s weblog submit on Thursday, there have been a complete of three funds concerned within the $1.1 million seed spherical. Co-leading the elevate was Model One – which has beforehand invested within the likes of Coinbase, Blockstack (STX), Celo, CryptoKitties, and Lolli – and Compound, a New York-based, technology-focused fund that has beforehand backed many tasks native to the crypto business together with Casa, Livepeer (LPT), CryptoKitties, Mattereum, Orchid, and Kadena.
Publishing a weblog submit to elaborate on why Model One invested in Guesser, founding companion Boris Wertz identified the actual fact “the Guesser workforce is predicated in Madrid and European regulators are way more welcoming to crypto start-ups and on-line betting exercise;” a key problem his enterprise capital agency recognized upon studying about Augur halfway by final 12 months.
Guesser’s different seed investor was Increase VC, the San Mateo-based accelerator co-founded and managed by Adam Draper – son of famend enterprise capitalist, Tim Draper. Acknowledged as the primary fund to assist the Bitcoin ecosystem, Increase VC just lately kicked off Tribe 12, the newest of its three-month-long accelerator packages of which Guesser is part of.
Including a never-before-seen component to Guesser’s $1.1 million seed spherical, the funding from Increase VC was the truth is denominated in Dai (DAI), the U.S. dollar-pegged stablecoin inherent to the Ethereum-based Maker (MKR) sensible contract platform.