Early Resources has announced the sale of its crypto-based iGaming division in what looks like a stock swap deal. The sale of the unit, named Crypto iGaming Technology, has been done to the NASDAQ-listed 180 Life Sciences Corp. (NASDAQ:ATNF).
The deal will see Early receive preferred stock that can be converted into a 40% stake in ATNF and a scope to buy 3 million shares of ATNF common stock.
In return, Elray’s technology package will assist ATNF in launching an iGaming Blockchain casino. The deal comes at a time when the global blockchain casino business has been gaining huge traction.
“This strategic sale and potential future partnership are expected to enhance Elray’s financial position, support future innovation and open new opportunities and revenue streams for the company,” said Vincent Cai, CTO of Elray Resources.
He adds, “This will not only strengthen our balance sheet considerably but also will enable ATNF and Elray to collaborate with leading players in the market. We look forward to announcing relationships with new operators, which will deliver even greater value to shareholders and propel our business forward.”
Early Strengthens Its Global Blockchain Casino Reach
The announcement of the new divestment deal comes at a time when Early has been helping many across the globe open up new blockchain casinos.
Just previously, in order to launch the Kings of Sport Casino, which is licensed in Curacao and is anticipated to operate globally in 15 countries, Elray Resources announced that it has formed a strategic joint venture with Kings of Sport (KOS).
In order to give consumers a single wallet solution that allows them to use both cryptocurrency and conventional currencies in sportsbook markets and online casinos, the developer and licensor of online crypto gaming systems and technology has assisted other parties in creating sports betting technology and engaging gaming content.
Crypto Casinos Gain Market Traction
Crypto Casinos have become a popular entertainment source for many in the betting industry. The market for cryptocurrency casinos is expanding rapidly due to a number of variables, including the growing demand for decentralized financial transactions, increased adoption of cryptocurrencies, and tighter security regulations.
MarketWatch stated that “the global casinos market, valued at US$157.5 billion in 2022, is expected to grow to US$224.1 billion by 2030, with a steady CAGR of 4.5% during the period from 2022 to 2030.” Allied Market Research estimates that the size of the global blockchain gaming market will be $4.9 billion in 2022.