Frank Fu, Managing Director at Chinese tech firm Meitu, has invested $2 million in MyDFS. The blockchain based company wants to change how fans play online daily fantasy sports with smart contracts. MyDFS has also brought Fu on board as an advisor to the company.
“The union of gaming and blockchain is inevitable. Encrypted blockchain guarantees safe storage of all in-game digital assets, what makes the data transparent to the core. Smart contracts exclude third party from payment process and make transactions fast and safe. This is the new in-game economy,” says Fu. “When we are using backend proprietary systems, the line between what’s real and what is not becomes blurred, and players take on more risk. Whenever a game invites players to buy items with their money, the game also inevitably invites payment fraud. Blockchain technology is the solution we are all looking for, due to the decentralized network and capability to record each transaction to combat fraud. That actually can trigger the game’s industry next evolution.”
Fu is described as bringing years of knowledge in global markets and strong marketing communication skills. Meitu js an internet platform that claims over 456 million monthly active users who post more than 6 billion of photos every month. Meitu’s apps have been activated on over 1.1 billion unique devices worldwide.
Meitu is also the founder of several blockchain, mobile consumer app and digital media start-ups in the US and Asia; he was previously VP and GM of Bitfone, a pioneer Mobile Device Management (MDM) company acquired by HP for $160 Million, and has over twenty years of global sales and marketing experience in digital media, enterprise mobility, telco service, OTT, and networking industries.
MyDFS CEO Viktor Mangazeev says that when you build something great you need to surround yourself with great people.
“Having Frank as an advisor brings valuable knowledge and experience to the project.”
MyDFS is implementing tokenization and blockchain to make their fantasy sports system more transparent and user-friendly. The daily fantasy sports platform connects sport fans all over the world. The company is currently in the midst of an initial coin offering (ICO). The offer is not open to US nor Chinese investors.
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