FinTech news in Polychain Capital category

Uniswap Labs has raised $165 million in a new funding round as the parent firm of the world largest decentralized exchange looks to broaden its offerings. The funding — one of the largest Series B for a crypto firm this year — comes at a time when the market downturn has eroded investors’ appetite for writing new checks. One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces and another is a wallet, according to people familiar with the matter. VC investment in crypto startups declined 37% year-on-year in the quarter that ended in September to $4.44 billion, the industry’s lowest level in more than a year, according to PitchBook.

HotStreak itself makes money both from the entry fees it charges players to use its platform, which it says are listed on the app at the start of each game, and plans to monetize its software by selling it to other sports betting platforms, according to Dean. While Dean admitted that the overall market for DFS providers could shrink as more U.S. states bring legalized sports betting online, he believes the overall sports gaming market is still set to grow significantly. HotStreak’s decentralized SHARP protocol aims to tackle both sides of the issue from a payments and custody perspective by facilitating near-instant payments and handling custody of assets based on a set of rules pre-determined within the protocol itself rather than relying on counterparties to initiate payments to other players. Focusing on DFS to start gives HotStreak a regulatory advantage, he explained, although the platform will likely expand into offering more traditional sports betting products, which typically require more expensive legal disclosures.