A Popular Bitcoin Website Just Bought 3.75 Billion FUN Tokens - Here's Why

  • Updated
 Bitcoin Website

Crypto's popularity is booming in the online gaming industry, and according to some; this might be the start of the next major trend. A new development seems to confirm that major moves are taking place - FreeBitco.in, the world's largest Bitcoin gaming platform, just acquired a majority of the Binance-listed, FUN Token cold storage.

FreeBitco.in Found a New Use Case for FUN

FUN token is the native cryptocurrency of another gaming ecosystem, FunFair. Starting in January, FreeBitco.in announced a new Premium Membership Program that would require its users to buy and hold FUN Tokens to earn extraordinary benefits.

Since this announcement, the token started seeing a massive increase in activity, volume, and even the token price. This is where the wheels of an acquisition started turning.

FunFair Sold the Majority of Its Cold Storage to FreeBitco.in

As mentioned above, FUN is the native cryptocurrency of the FunFair gaming ecosystem. It was created in 2017 and since then, FunFair Technologies has been using blockchain tech based around the token to deliver fair and decentralized gaming experiences.

In providing this use case, the company hit numerous milestones. However, they recently admitted in a statement that FreeBitco.in has created a superior use case for the token through the Premium Membership Program.

As a result, FunFair and FreeBitco.in reached an agreement where FreeBitco.in acquired a majority of tokens (3.75 billion) from their existing cold storage.

FreeBitco.in commented on the new development, noting that they have always aspired to provide online gaming enthusiasts with a transparent and anonymous gaming experience that is truly fair. This has been the goal since 2013, when the platform was founded. And now, the FUN token emerged as the best possible fit to help the platform continue with these efforts.

How this might reflect on the token's performance in the long run still remains to be seen.

What Does FreeBitco.in Plan to Do With FUN?

So far, the platform revealed that it plans to help the token work and grow as an independent entity. To do so, it will organize a series of projects that will serve to increase the coin's utility and value. What matters is its long-term growth, as the platform said.

These projects will involve strategic burning of FUN, a brand-new blockchain for the coin so that it wouldn't suffer from Ethereum's high gas fees, a dedicated wallet, proactive development, and the creation of effective partnerships.

This article was first published on March 1, 2021