Rario News: Rario is about to reopen with its own blockchain

Dream Sports-backed cricket non-fungible token (NFT) platform Rario will launch its market in August, after abruptly halting trading in March amid regulatory uncertainty surrounding virtual digital assets.

It has also moved from Polygon to its own private blockchain, called Rario Chain, senior executives said during a live interaction on the Discord messaging platform on Monday.

Rario raised $120 million under Dream Capital, the venture capital and M&A arm of Dream Sports, in April this year. Dream Capital’s strategic investment gives Rario access to Dream Sports’ 140 million user base.

Singapore-based Rario was founded by Sunny Bhanot and Ankit Wadhwa amid a global NFT and cryptocurrency boom. Last year in August, Rario partnered with Polygon to create digital collectibles of cricketers Zaheer Khan, Smriti Mandhana, Shefali Verma, Shakib Al Hassan, and Faf du Plessis. These collectibles will be transferred to Rario Chain and all new NFTs will also be on the company’s private channel, executives said.

In March, Rario closed its market, which halted NFT trading. Over the next few months, its messaging community on Telegram and Discord was abuzz with user concerns about the shutdown and a lack of clarity about its relaunch.

The Rario co-founders said the market will go live on August 15.

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“There are a lot of regulatory changes that happened with taxation coming in and new rules forming…it was too risky for our users to have a predictable experience, so we turned off our market at that time,” Bhanot said during the Discord Session.

“At launch, users will be able to transact through their credit and debit cards and bank transfers. The Unified Payments Interface (UPI) will be launched shortly,” Wadhwa told ET, adding that the company does not will only accept fiat payments.” Fiat is the universally accepted method of payment among cricket fans, which is a key audience for us. Rario complies with all regulatory standards in the countries in which we operate. So we are building a fiat only (currency only) environment in India,” he said.

The director of UPI, National Payments Corporation of India (NPCI), has put informal restrictions on member banks to use UPI to buy and sell virtual digital assets such as crypto.

Cricket strategy game
Co-founder Bhanot said the company wants to develop a blockchain that can handle a large volume of transactions per second, is secure against hacks, and provides a smooth user experience.

“Rario Chain is built on top of the Polygon Edge framework. The throughput of the blockchain depends on several factors: the number of validating nodes, the size of the node, the consensus mechanism, and the business logic of the smart contract. We’re optimizing throughput at every step and improving performance,” Wadhwa said, in response to ET’s question.

Dream Sports and Rario are working together to launch a cricket strategy game that will use Rario’s non-fungible tokens, Wadhwa said during the Discord session. It is expected to launch later in August. “We are launching a marketplace in mid-August. The launch of the game will be after market,” Bhanot said.

Rario has focused on integrating utilities into its NFTs. It has a multi-year exclusive partnership with Cricket Australia and the Australian Cricketers’ Association to create an Australian cricket metaverse of collectibles and games.

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