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Crypto lottery platform Megapot completes $5 million funding round led by Dragonfly
According to TechFlow news on March 27, Megapot, a cryptocurrency lottery platform, announced the completion of a $5 million funding round, led by Dragonfly, with participation from Coinbase Ventures, Bankless Ventures, and founders of FanDuel, Betfair, and MyPrize.
The platform is built on the Ethereum Layer 2 network Base and uses stablecoins for global user prize settlements. Users can purchase lottery tickets in over 150 countries, with each ticket priced at $1 and drawings held daily. The platform has already produced 19 grand prize winners, with the highest single prize being approximately $200,000.
Megapot launched its latest version this Tuesday, generating revenue through ticketing fees. The funds raised in this round will be used to expand into more national markets. Patrick Lung stated that traditional lotteries are its main competitors, and Megapot can offer higher jackpots and better odds. Currently, the platform is unavailable in about 30 countries, including the United States, the United Kingdom, and France, and the team consists of 7 employees.