PlayChip (PLA) token soars 16,002% on Crypto exchange FTX’s $35M investment

PlayChip (PLA), a crypto betting company operated by a company based in Australia known as PlayUp has soared over 16,000%, acheiving a low of $0.004 to it’s current high of $0.73.

This surge comes as news of Sam Bankman-Fried’s company FTX made a $35 million dollar investment in the PlayUp company for expansion of betting operations to the United States. In addition,  PlayUp is pleased to announce the appointment of Mr. Art Hamilton as USA Chief Financial Officer. Mr. Hamilton brings to PlayUp significant U.S. based experience in mergers and acquisitions, business development, financial budgeting, strategic planning, IFRS and U.S. GAAP, growth strategies, project and program management and business analytics.

PlayChip (PLA) token soars 16,002% on Crypto exchange FTX's $35M investment
Source: CoinGecko

This financing round will be used primarily to accelerate PlayUp’s U.S. market access. In addition to their investment in PlayUp, FTX has been actively investing in partnerships and endorsement deals in the sports and esports arena over the past twelve months.

FTX Head of Product, Ramnik Arora said, “We are delighted to have an investment in PlayUp” and “we believe PlayUp is at a pivotal moment in its corporate journey.”

U.S. market entry data

Momentum continues to grow following PlayUp’s October launch into the New Jersey sports betting market, with recent Eilers & Krejcik reports indicating PlayUp achieved 0.6% market share in its first month, placing it in the top 10 operators within the state.  

U.S. market access progress

PlayUp has made significant progress with U.S. market access over the past twelve months and will be announcing several new market access deals now finalised in January 2023.

PlayUp Global CEO Daniel Simic said “We are very happy with the progress of our U.S. market entry. The recent investment by FTX will assist PlayUp in accelerating its U.S. market opportunities and grow our global sports betting and wagering presence.”