GEM Digital Invests $50M in iGaming Token Crypto Snack

GEM Digital has made a $50 million strategic investment in the fast-growing iGaming token Crypto Snack to power the world of sports and entertainment.
Image source: PRNewsfoto/Crypto SNACK

Quick take:

  • GEM Digital has invested $50 million in the popular iGaming token Crypto Snack.
  • The financial commitment comes hot on the heels of GEM Digital’s $200 million investment in the Centralised-Decentralised (CeDeFi) exchange, Unizen.
  • Crypto Snack recently partnered with Spanish Primeira Liga team RCD Espanyol to provide crypto payments.

Leading iGaming token Crypto Snack has received a $50 million commitment from GEM Digital. The digital tokens and decentralised exchanges investment firm is making a new strategic investment back on the heels of its gigantic million stake in Unizen. 

GEM Digital invested $200 million in the centralised-decentralised finance (CeDeFi) exchange platform late last month, expanding its ecosystem of digital asset investments. 

Its latest stake in Crypto Snack adds another vertical to its portfolio, iGaming tokens. The iGaming industry covers a wide variety of online gaming franchises, including sportsbooks and eSports. The latter has become a focal point for web3 companies looking to leverage the industry’s growing user base.

Crypto Snack has become one of the most widely accepted iGaming tokens in the market, powering the world of sports and entertainment with crypto.

According to a statement released by Crypto Snack announcing the investment, the iGaming token provider wants to bring crypto payments into real-world experiences.

The new round of investment will be used to expand relationships with crypto exchange platforms, team up with more global professional sports franchises, as well as, accelerate the development of its blockchain technology and infrastructure.

Commenting on the $50 million windfall, Stuart Morrison, CEO of Crypto SNACK said: “This investment will further accelerate our plans to make the future of decentralised finance possible,” adding “together we are taking the right steps for #SNACK to become the #1 token in the iGaming industry.”

The company wants to use its community-focused utility token to facilitate transactions in eGaming ecosystems, including blockchain games, video games and online games. The $SNACK token experiences a 100% rise in transaction volume over the last 24 hours, with its price rising from $0.0097 to $0.0111 between Tuesday and Wednesday.

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