Swoop has Raised a USD1.5 Million Seed Round to Create India’s First Crypto Fantasy League App

cryptonews.com:

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Swoop, a Web3 Fantasy League app, today announced it raised USD 1.5 million in seed funding. The raise was led by exchange giant FTX Ventures as well as Solar Eco Fund.

The seed round will be used to help bring India’s first Crypto Fantasy League app to market, onboard users, enable Cricket partnerships and support local education on crypto and the Play-to-earn movement. The app expects to launch in late March in time for the Indian Premier League (IPL) 2022.

“The round represents a set of strategic investment partnerships for Swoop. We’re bullish on Fantasy Cricket, NFTs, Crypto and India, but especially the intersection between these areas. Swoop is excited to have such titans of the crypto industry to support us in achieving our vision” said Manish, CEO of Swoop.

"Fantasy Cricket is an opportunity for web3 to deliver a seamless and fun experience for billions of fans, in India and around the world. We are very happy to be investing in Manish and his team, who are well-positioned to deliver on this promise." - Bill Cherman, Solar Eco Fund

India’s passion for cricket, high penetration of mobile phones, and low-cost data plans have propelled the Fantasy Sports industry to new heights in India. But problems like transparency, security, and speed are causing this industry to not reach its potential. Onerous entry and cash-out requirements also act as a major barrier to entry effectively locking out millions of potential users. Swoop aims to address these problems through a blockchain-based app that allows users to play and earn in crypto.

The team at Swoop, a group of friends and graduates of Indian Institutes of Technology (IIT), are in the