Gaming platform DeFi11 announced the organization had raised $3.5 million in a recent round of fundraising. The company said it will use this money to support the development of its unique esports platform.
DeFi11 is a decentralized gaming ecosystem based mostly on NFT gaming and fantasy sports. The platform is powered by Defi (decentralized finance), which is an umbrella of applications that use blockchain gaming.
The organization said it will hold another round of fundraising at a later time. The company will also host a campaign to promote its upcoming initial dex offering (IDO). This is when a token is launched through a “decentralized liquidity exchange” platform.
DeFi11 said it plans on launching a post-IDO staking later down the line. Several partnerships to help the brand expand are also expected to be announced around this time.