FunFair (FUN) Perks Up after Launch of First Licensed Casino
FUN prices have rallied on news of the first legalized FunFair-powered casino.
The FunFair (FUN) project, so far one of the laggards in the crypto space, has finally announced the launch of its first token-powered casino, triggering a revival in its market price.
The good news comes weeks after FunFair secured its first gambling license in the jurisdiction of Curacao. The CasinoFair brand will expand slowly, offering blockchain-verified gambling worldwide. For now, access to the casino is limited to a few countries:
“CasinoFair will initially permit players from five territories: Canada, Switzerland, Finland, Norway and Thailand, with more to follow in the future as CasinoFair evolves and ensures the world of truly fair casino gaming continues to expand,” the FunFair team said in a blog post.
FUN prices reacted immediately, starting to push off from the lows of the past few months and rising by more than 20% net in the past 24 hours to go above $0.018. The upward climb for FUN is not characterized by sudden pumps, with 34% or so added in the past seven days.
Another reason for the FUN revival are rumors that Bithumb would announce a listing within days. A Korean exchange would add to the coin’s liquidity as it has stagnated during the bear market, with diminishing trading volumes.
However, there is scare information on the subject, and a Bithumb listing may be nothing more than a rumor.
FUN is seen as a relatively low-priced, risky asset that may deliver value over the long term with its technology. Gambling and gaming are among the most immediate use cases for crypto assets, with multiple casino game varieties based on the Ethereum and the EOS networks.
However, distributed apps, especially those of casinos and lotteries, are making regulators wary. FUN is seen as risky due to its relation to the gambling business. This may be one of the reasons for its de-listing from Bittrex.
Currently, more than 63% of all FUN volumes are associated with the Binance exchange. The bulk of transactions are against Bitcoin (BTC) and Ethereum (ETH) because FUN still has no fiat trading pairs.