BoxBet emerges from stealth mode as crypto-first operator seals funding round
CMCC Global-backed firm has outlined plans to accelerate growth into regulated markets as well as marketing campaigns in both Latam and Asia
BoxBet, a blockchain-powered, crypto-first operator, has officially launched following a significant strategic funding round spearheaded by CMCC Global.
The $500m (£400m) venture capital firm is backed by the Winklevoss brothers and Richard Li’s Pacific Century Group, which previously invested into Solana.
The operator, which has launched on Telegram, also received the backing from other investors in both the igaming and cryptocurrency sectors.
The $BXBT token is central to the BoxBet ecosystem, designed to align user participation to the growth of the business, while the crypto operator will initiate a “Bet-to-Earn” airdrop, offering customers a share in the company from its earliest stage.
According to Investing.com, BoxBet will use the latest capital raise to expand its presence into regulated markets, securing the relevant licences and scaling operations.
The operator is also believed to be planning to bolster its team by recruiting talent from the igaming and technology sectors.
At the time of writing, BoxBet has 2,800 followers on X. Its Instagram account was launched on Tuesday, 19 November.
Martin Baumann, managing partner at CMCC Global, said: “We are impressed with the BoxBet team’s vision and execution capabilities.
“They have the potential to redefine igaming and create a globally recognised platform that transforms user engagement in betting.”
Headquartered in the US, little else is known about BoxBet’s origins at this stage, but the operator’s wesbite outlines its roadmap of three targeted phases of growth, with phase one as a “Telegram betting pioneer” already achieved.
Phase two will see BoxBet launch its “cutting-edge” casino platform, which is expected to include an array of popular titles and a jackpot feature.
The final phase is touted as accelerated growth, with BoxBet looking to “transform the industry”.
BoxBet said: “Anchored by a state-of-the-art website and an innovative Telegram app, we’re not just growing—we’re revolutionising the industry.
“BoxBet is poised to become the ultimate destination for gaming enthusiasts, setting a new standard for excellence in igaming.”
BoxBet’s emergence from stealth mode follows fellow crypto-first operator Monkey Tilt securing $30m in Series A funding and FanDuel co-founder Nigel Eccles unveiling BetHog this month.