Fisher8 Capital

What Fisher8 Capital does

Fisher8 Capital is a Singapore-based investment firm and venture incubator founded by Bainy Zhang, with a team of 1-10 employees. The firm focuses exclusively on incubating blockchain- and crypto-native ventures, with its flagship portfolio company being Shuffle, a casino and lottery platform that has reached $100 million in annualized net gaming revenues. Fisher8's operational footprint is therefore concentrated on identifying, building, and scaling Web3-enabled consumer platforms rather than operating as a diversified generalist investor.

The core technology underlying Fisher8's incubated portfolio is a blockchain-based casino and lottery platform architecture with proprietary tokenomics. Shuffle's system includes automated weekly USDC lottery payouts (distributing 15% of weekly revenues, approximately $200,000-$300,000 to token holders) and an ongoing SHFL token burn mechanism that returns 30% of gaming revenues to token holders through deflationary tokenomics. The platform addresses persistent payment friction in traditional online gambling — high transaction fees, chargebacks, and blocked cross-border deposits — by routing settlements through stablecoin and blockchain infrastructure rather than legacy payment rails.

Fisher8 Capital's business model is that of an incubator: it captures economics from the equity and token-based instruments it holds in its incubated ventures, rather than charging explicit management fees or licensing royalties from identifiable third-party customers. Revenue visibility is indirect, flowing through the performance of portfolio companies such as Shuffle. Distribution to end-users of the incubated products occurs via self-serve digital channels, with no enterprise sales motion or named B2B customer base disclosed. The firm is preparing to extend Shuffle into regulated US markets via a planned compliant offering called ShuffleUSA, signaling an intent to convert tokenomics-driven offshore revenues into jurisdictionally compliant revenue streams.

Name

Fisher8 Capital

Website

https://fisher8.capital

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Singapore-based investment firm and incubator founded by Bainy Zhang, focused on blockchain-based ventures. Flagship incubated company Shuffle operates a crypto casino and lottery platform with $100M annualized net gaming revenues and tokenomics including USDC payouts and SHFL token burns.

Ownership category

akta.pro rank

Product category

Venture Capital & Incubation

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Finance Services (6199)

akta.pro primary industry

Corporate Venture Capital (CVC) (FSANAAAF)

Keywords

• Venture capital incubation
• Blockchain gaming investment
• Crypto casino platforms
• IGaming portfolio management
• Blockchain startup funding

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D

Revenue model

1. Incubator/Portfolio Returns: Fisher8 Capital generates returns through incubating and investing in blockchain and crypto-based platforms, particularly in the iGaming sector. The firm incubates Shuffle, which generates $100 million in annualized net gaming revenues.
2. Blockchain Gaming Platform Revenue: Shuffle casino and lottery platform generates revenue through gaming operations with tokenized economics including lottery payouts and token burns

Distribution channels1 record

Core offering

Fisher8 Capital is a Singapore-based venture capital and incubation firm that develops and incubates blockchain-based platforms, primarily in the iGaming sector. Its flagship incubated product is Shuffle, a crypto casino and lottery platform that has achieved $100 million in annualized net gaming revenues. The firm generates returns through portfolio companies featuring proprietary tokenomics such as USDC lottery payouts and SHFL token burn mechanisms.

Product overview

Fisher8 Capital is a venture capital firm that incubates technology companies. Its flagship incubated product is Shuffle, a casino and lottery platform with significant gaming revenues and cryptocurrency-based tokenomics (USDC lottery payouts and SHFL token burns). The firm is also preparing to launch ShuffleUSA as a compliant offering for regulated US markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Shuffle

Quantifiable outcome

• $100M annualized net gaming revenues achieved by incubated platform
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• ShuffleflagshipStrategic or Co-development PartnerFisher8 Capital incubated Shuffle, a casino and lottery platform, as its flagship portfolio company. Shuffle features unique tokenomics including weekly USDC lottery payouts and SHFL token burns. The platform generates $100 million in annualized net gaming revenues and recently announced plans to launch ShuffleUSA for compliant US market entry.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Duelbits: Duelbits is a crypto casino and sportsbook offering tokenized rewards to users. Direct competitor to Shuffle in the crypto casino category with overlapping token-based loyalty mechanics.
• Roobet: Roobet is an established crypto casino and sportsbook with a strong brand in the crypto gambling community. Direct competitor to Shuffle in targeting crypto-native users with online casino products.
• Rollbit: Rollbit operates a crypto casino and sportsbook platform with tokenized rewards and NFT-integrated features. Comparable to Shuffle's tokenomics-driven approach to user incentives in the crypto casino vertical.
• BC.Game: BC.Game is a large crypto casino supporting multiple cryptocurrencies and blockchain-native rewards. It competes directly with Shuffle for crypto-native casino users and operates a comparable tokenomics-driven incentive model.
• Easygo: Operator and developer behind Stake.com, one of the largest crypto-native casino and sportsbook platforms. Easygo is a direct comparable to Fisher8/Shuffle in building vertically-integrated crypto gambling products with proprietary tech infrastructure.

Broad incumbents

• Multicoin Capital: Multicoin Capital is a thesis-driven crypto venture fund investing in tokens and equity across the blockchain stack. Comparable to Fisher8 as a crypto-native investment firm with operational/incubative involvement in portfolio companies.
• Pantera Capital: Pantera Capital is a leading crypto-focused venture capital firm investing across blockchain and digital-asset ventures. Comparable to Fisher8 as a venture investor in the crypto/blockchain ecosystem, though at materially greater scale and broader mandate.
• Galaxy Digital: Galaxy Digital is a diversified crypto-focused financial services and investment management firm. Comparable to Fisher8 as a crypto-native investment platform, though with broader trading, asset management, and venture activities.
• Paradigm: Paradigm is a leading crypto venture fund investing in early-stage blockchain companies and protocols. Comparable to Fisher8 as a crypto-native venture investor with deep technical orientation and incubative support.

Emerging players

• Primitive Crypto: Primitive Crypto is an emerging crypto-native venture and incubator fund focused on early-stage crypto and Web3 companies. Comparable to Fisher8 as a smaller, crypto-focused venture/incubator firm with thematic concentration.

Market position

Strengths4 records

Weaknesses3 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fisher8 Capital