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Mobile-first online gaming operator CashBet has raised $38m for the development of its crypto-currency gaming platform.

Participants from over 100 countries took part in the initial coin offering, helping CashBet Coin to 142,975,000 tokens. Token distribution is now underway and continues to the end of June.

“The success of the CashBet Coin token sale demonstrates a clear need for compliant, user-friendly igaming solutions,” said Mike Reaves, the company’s CEO and co-founder.

“We look forward to continuing to build the CashBet community and deliver on our roadmap to develop the world’s first complete crypto-ready mobile igaming platform.”

Founded in 2012, CashBet supports more than 450 games on its platform. CashBet Coin’s partners include Arsenal FC,, Greentube and Imperial Play.