Affinity are proud to have facilitated the significant acquisition of FUN Token by Fun Token Ltd., a company based out of the Isle of Man. The acquisition was completed on Friday, 26th February 2021.
Affinity are delighted to have represented both the buyer and seller in the seamless execution of the transaction, ensuring that all objectives were met within a relatively short period of time.
A statement from the buyer, Fun Token Ltd., said, “We would like to thank the entire team at Affinity for helping ensure that the transaction took place as smoothly as possible. Affinity’s knowledge of the cryptocurrency space was invaluable throughout the process.”
Fun Token Ltd. is a newly-created entity with the objective of harnessing the technology of the FUN Token (an ERC20 utility token), creating exciting new use cases, and improving the token’s utility.
The FUN token was originally developed by FunFair Technologies with the aim of exploiting the decentralized nature of blockchain technology to deliver enhanced gaming experiences, meaning that players and enthusiasts could benefit from the truly fair gambling experience that blockchain and crypto offers. However, the rise of DeFi on the Ethereum blockchain drove gas prices up, making it too expensive to maintain the FUN Token on the blockchain.
Fun Token Ltd.’s partnership with a popular crypto-gaming website ensured a new use case for the token that would improve its token economy and market capitalization without the burden of significant on-chain transactions. The website in question is utilizing the FUN Token as a Premium Membership Token for its users, thus providing valuable exposure to over 41 million crypto-enthusiasts.
Fun Token Ltd. is striving to carve out new advantages for consumers through innovation and aims to improve current features that are limiting the token’s potential.
Fun Token Ltd. seeks to solve the problem of high gas prices on the Ethereum blockchain by attempting to move FUN Token to a cheaper and faster blockchain. Another initiative in the pipeline involves assembling a dedicated development team to create consumer-facing apps around the token, thus improving utility and promoting adoption. One such app is a dedicated wallet which would allow consumers to exchange FUN Tokens with multiple crypto and fiat currencies.
Affinity’s valuable years of experience within cryptocurrency space helped ensure smooth handling of the transaction.
The Affinity team have thoroughly enjoyed working with Fun Token Ltd., Long and Humphrey, and DQ Advocates to ensure this transaction was completed to the highest standards in a short time frame. We look forward to being a part of the growth of FUN Token and are excited to see what the future brings.
Affinity are well-positioned to provide our clients with assistance in a diverse range of requirements, in order to ensure they can achieve their desired objectives.
If you are looking for an experienced team to support your Crypto/Fintech business during this period of uncertainty, please contact the Affinity Group Team at firstname.lastname@example.org.