Block X Capital Corp. (CSE: BXXX) has invested $200,000 in FansUnite Entertainment Inc., part of a $4,457,750 private placement financing valuing FansUnite at over $17 million.
FansUnite Entertainment was incorporated by Victory Square Technologies Inc. (CSE: VST; OTC: VSQTF; FSE: 6F6) early this year. As result of the closing of the financing, Victory Square’s interest in FansUnite has decreased from 100% to 48.55%. The financing was undertaken as part of FansUnite’s strategy to maximize shareholder value, which includes going public in the fourth quarter of 2018.
Led by CEO Darius Eghdami, FansUnite is focused on utilizing the benefits of blockchain technology to disrupt the sports, gaming, and entertainment industries. The company is creating a diverse ecosystem of decentralized applications, enabled by the free and decentralized provisioning of sports data.
photo credit: FansUnite
News Release
Block X Capital Corp. Announces Investment in FansUnite Entertainment Inc.
Vancouver, BC, May 31, 2018 – Block X Capital Corp. (“Block X” or the “Company”) (CSE: BXXX) is pleased to announce a $200,000 CAD investment in FansUnite Entertainment Inc. (“FansUnite”).
FansUnite is a Canadian company, focused on utilizing the benefits of blockchain technology to disrupt the sports, gaming, and entertainment industries. FansUnite’s core offerings are:
• the FansUnite Protocol – a protocol level standard for sports betting and sports data applications, built on the Ethereum blockchain;
• the FansUnite Sportsbook – the first decentralized application leveraging the FansUnite Protocol, offering an industry low margin and social elements designed to encourage user collaboration; and
• FansUnite Media Inc. – a free to play social sports betting community designed to track and analyze results, collaborate with fellow members, and to place fantasy wagers with no monetary risk.
FansUnite is continuing to develop the FansUnite Protocol and FansUnite Sportsbook, pursuing M&A activity in the sports, gaming and entertainment industries, and are exploring a go public strategy later this year.
“We are excited to announce our investment in FansUnite,” says Rahim Rajwani, CFO of Block X. “FansUnite has assembled a strong team and with the US Supreme Court paving the way for the legalization of sports betting on a state by state basis, FansUnite has a great opportunity by providing transparent and regulated sports betting.”
FansUnite is creating a diverse ecosystem of decentralized applications, enabled by the free and decentralized provisioning of sports data. The FansUnite Protocol and the underlying market data offer many use cases. Currently foreseen decentralized applications will include: sportsbooks, betting exchanges, transparent touting services, daily fantasy platforms and sports data focused service applications.
“We are extremely excited to have Block X Capital participate in this financing,” said Duncan McIntyre, Chief Operating Officer of FansUnite. “They have assembled a remarkable team with diverse and valuable skill sets. We are looking forward to working with Block X as FansUnite continues to grow and scale.”
Block X is dedicated to investing in blockchain and emerging technologies. Backed by a team of venture capitalists, founders, and executives with deep expertise in blockchain and emerging technology, Block X leverages its team and network to gain access to promising investment opportunities.
For more information about Block X, visit block-x.co.
On Behalf of the Company,
Rahim Rajwani
Chief Financial Officer
604-628-5616
About Block X
Block X (CSE: BXXX) seeks investment opportunities in early to mid-stage blockchain and emerging technology companies. Block X is backed by a team with deep domain experience and a network of industry leaders. Block X is dedicated to disciplined due diligence, governance, and an investment process that focuses on qualified investment opportunities