Estonia and Barcelona-based Crypto SNACK, a company that claims to be the fastest growing iGaming token, announced on Wednesday that it has raised $50M (approximately €49.29M) in a fresh round of funding.
The company says it will utilise the funds to further expand its connections with major cryptocurrency exchanges, expand its roster of international professional sports partnerships, and further develop its blockchain infrastructure.
Stuart Morrison, CEO of Crypto SNACK, says, “Together we are taking the right steps for SNACK to become the #1 token in the iGaming industry. This investment will further accelerate our plans to make the future of decentralised finance possible.”
The investor
The investment came from GEM Digital Limited, a digital asset investment firm that sources, structures, and invests in utility tokens listed on over 30 CEXs and DEXs worldwide.
Global Emerging Markets (GEM) was founded in 1991. The Bahamas-based firm is a $3.4B investment group, and says it has completed 540 deals in 70 countries. It is an alternative investment group that manages various investment vehicles across the world.
In a statement, the company says, “Our family of funds and investment vehicles provide GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs), and select venture investments.”
GEM’s funds include CITIC-GEM Fund (matured in December 2015), Kinderhook Industries (GP and LP non-voting stakes), GEM Global Yield Fund LLC SCS, GEM India, and VC Bank/GEM Mena Fund (GEM exited both its GP and LP stakes in these funds in 2015 and 2010 respectively).
About Crypto SNACK
Founded in 2021 and led by Stuart Morrison, Crypto SNACK is a fair DeFi token launched by a team of crypto enthusiasts. The company aims to be a transparent, community-focused utility token, connecting the digital and physical worlds.
Besides, Crypto SNACK is accepted as a method of payment for more than 800 online businesses. Its users get the cheapest and fastest transactions in the crypto ecommerce and gaming network, says the company.
Earlier this year, Crypto SNACK announced its partnership with RCD Espanyol, making the soccer team the first La Liga club to accept payments in cryptocurrencies. According to the company, it looks to bring digital assets into the world of sports, entertainment, and beyond by onboarding crypto payments for real-world experiences.
This partnership also means that Espanyol fans will be able to buy tickets, merchandise, and food/beverages with SNACK, Bitcoin, Ethereum and a select number of other well-known crypto tokens from next season.
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