The founder of Rario, a Polygon-based platform that issues cricket-related non-fungible tokens (NFTs), has reportedly left the company two years after its launch.
TechCrunch reported on September 8 that Rario’s founders, including Rario CEO Ankit Wadhwa and CTO Sunny Bhanot, were excluded as investors in the startup to exert greater control over the platform.
According to reports, Dream11, India’s major fantasy sports platform and Rario’s biggest supporter, will also be expelled. Some positions were also eliminated as part of other restructuring efforts at Rario, the report said.
Apart from Dream11, Rario also has some high-profile investors including global investment firm and cricket legend Sachin Tendulkar. In April 2022, the Cricket NFT platform raised US$120 million in Series A financing, claiming to have the largest share of cricket NFT rights, with 900 cricketers at the time.
If confirmed, Rario’s latest changes would come at a time when Dream11 parent company Dream Sports is said to be working to reduce costs at the company. According to TechCrunch, Dream Sports is currently negotiating a number of licensing deals signed by Rario in order to cut expenses.
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As of this writing, the reported changes have not yet been reflected in the executives’ LinkedIn profiles. Rario and Dream11 did not immediately respond to Cointelegraph’s request for comment.
Rario was founded in 2021 with a mission to create digital cricket collectibles and help fans engage with online communities. As of April 2021, the company said it had sold 50,000 NFTs to sports fans in 20 countries.
Some of the cricket leagues that Lario is signed to include Cricket Australia, Cricketers Association of Australia, Caribbean Premier League, Lanka Premier League and Abu Dhabi T10 League Legends Cricket League.
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