Hong Kong-based startup Alphaslot has announced it has raised a multimillion funding round led by China’s Sora Ventures.

A string of investors across multiple markets, including Hong Kong’s Credito Capital and Shinobi Capital, Netherland’s TRG, and Silicon Valley’s Primitive Ventures, also participated in the round.

Alphaslot also announced that Paul Veradittakit, Partner at Pantera Capital in Palo Alto, California, has joined the team as an advisor.

The company is building a blockchain-powered gaming ecosystem that aims to integrate “online and land-based offline gaming environments”. Using utility tokens and the Alphaslot blockchain system, players can better manage their games and corresponding assets, as well as conduct gaming transactions both within and across different blockchains.

Like many blockchain solutions, Alphaslot’s selling point here to users and developers is that it provides speed and ease of execution as well as security and transparency, owing to the decentralised nature of its system.

While Alphaslot’s overarching goal is to capture the entire gaming market — which means social, esports, console gaming, and more — it wants to first focus on the casino gaming sector.

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Here’s how it works:

Casino game makers integrate Alphaslot’s blockchain platform into their land-based gaming machines. These machines then award players Alphaslot’s ERC20 utility tokens, called SLOT, for playing said games.

After players leave the casino, they can continue to play the games on the Alphaslot app. The utility tokens earned can be converted via Alphaslot vault into in-game items such as virtual tokens; they can also be used to purchase features to enhance the in-game experience.

Additionally, players can opt to use the tokens for real-world features such as F&B, entertainment and travel products and services.

Alphaslot also offers players the option to acquire ERC721 non-fungible tokens (NFT), called ALPHABOT, using the SLOT token. The NFTs are essentially unique avatars players can use to customise their characters and enhance the social aspect of the gameplay.

Using the new funding, Alphaslot will expand its operations in Hong Kong and to speed up the launch of its tokenized blockchain entertainment platform in the gaming industry.

“We have seen tremendous growth in visitation to gaming destinations worldwide with over 39 million visitors to Las Vegas and 32 million to Macau last year. There is strong demand for new entertainment experiences that attract new players and a blockchain ecosystem is the catalyst,” said Raymond Chan, Founder and CEO of Alphaslot.

“We received great response to our presentation at the Blockchain Summit in Reno, NV last month hosted by America’s Gaming Standards Association and attended by government officials of The State of Nevada, technology executives from IBM, Oracle, Intel and Macau gaming operator Melco Resorts.  This second round of investment proves the confidence from investors on what we have achieved so far, and will absolutely speed up our blockchain deployment plan,” he added.

Image Credit: Alphaslot