FunFair App Approved for Casino License Starting September
According to an official Twitter announcement, the blockchain based casino app, FunFair, was approved for a gambling license within Curacao set to launch this month. The announcement stated that their new license awarded to FunFair’s subsidiary will initiate the launch of their live casino project this September.
Positive News for the Blockchain Online Gaming App
Although the app has been in operation prior to receiving the license, an official online gaming structure is underway for the crypto project. Unlike other similar platforms, FunFair managed to implement a KYC solution entitled FunPass, allowing the project to operate within the regulatory framework.
The project’s native token, FUN, will function as casino chips for various games. Developers are currently testing solutions for easier token exchange since it was officially delisted from Bittrex. In the meantime, the FUN token is reliant on Binance for exchange services and has experienced a trading value dip in recent weeks. Within a twenty four hour gap, trading volumes significantly dropped to approximately $300,000. Both dollar and Satoshi equivalent values have also seen deflation.
FUN Token Expected to Bounce Back Despite Risks
As a result of the latest market crash, the FUN token experienced a loss of almost 8% within one day, currently valued at $0.0152 in comparison to peak prices of $0.19 earlier this year. Analysts speculate that this period of significant deflation in combination with the recent turn of events may result in an upcoming spike and long overdue bullish trend.
The token itself is associated with a risk factor to the rapid loss of liquidity. As over 70% of the token’s trading volume is from Binance, the coin is known to be vulnerable to pumps associated with bot activity. Within the greater cryptocurrency market, bearish market sentiment has categorized FUN as an underappreciated asset with high-risk factors for the overall success of the FunFair app’s casino project.