26-year-old crypto king that bought a $38M Mansion

Where on earth would a 20-year-old find the cash to splash on a luxury Toorak mansion? This was the question blowing along the streets of Melbourne after the CEO of Deague Group announced that he had sold his property to an under 30 mysterious buyer.

26-year-old crypto king that bought a $38M Mansion from Gambling
26-year-old crypto king that bought a $38M Mansion from Gambling

Aussie cryptocurrency investor has hit headlines as the latest homeowner, having invested millions of dollars to acquire a house in Australia’s most luxurious neighborhood.

The gambling boss sunk $38M in a 4 bedroom, three garage, 2000sq m home in Toorak at the age of only 26 years old. Edward Craven’s house is tastefully designed with a square pool dissolving into an attractive garden. There are sculptures scattered all over the place to increase glam and serenity. We won’t forget to mention that the dining space hosts a 50 ball light. Real estate experts argue that while this purchase did not break the Stonington Mansion in Malvern record, it is among the most expensive sale of the year. Marcus Chiminello, Marshall White director, confirmed the property, designed by Conrad Architects was sold to the young casino boss for more than $38m.

This begs the question, where did a 26-year-old come across such kind of fortune to purchase one of Australia’s most valued residences?

The answer lies in a casino.

We have all heard that with proper luck and strategy, gambling can make you lots of money. The case of Edward Craven is a little different though. He made all his money from gamblers. The under 30 multi-millionaire is the co-founder of Stake.com, which is an A+ rated online casino

Stake.com which was established in 2017 rode on the Bitcoin frenzy to stretch its wings across the globe. This casino promotes crypto gambling, particularly Bitcoin and Ethereum, rather than traditional fiat. It attracted a multitude of blockchain enthusiasts having been among the first casinos to open these doors. Betting on the platform is however in US dollars and not the price of digital assets, meaning the crypto gimmick is just a shrewd way of the operator and its customers to legally circumvent banking regulations.

Today, Stake.com boasts more than 500,000 users. Within a record five years, Stake.com has managed to process billions of bets and has acquired a conservative valuation of about $ 1 billion.

Online casinos are banned in Australia, but there is no law baring their operation as long as they do not serve Australian nationals or advertise their services in the country. Stake.com is pretty much Australian but registered in Curacao.
The Aussie authorities can’t do much to stop the operations of Stake.com in Australia as long as they comply with the online gambling act, which they already have.

Grammy award hip hop legend, Drake, moved into a partnership with Stake.com recently.

We expect to see live events and video streams in collaboration with Drake and this operator before the end of 2022. Stake.com is seeking to collaborate with more influencers in a bid to remain an industry leader and improve user experience on its platform. The success of this strategy will mean more money for the company and maybe we could see the 26-year-old purchase a private jet or even a yacht.

Eugene Abungana
Written by Eugene Abungana verified symbol Investment Analyst, Financial Analyst, and Institutional Trader
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Eugene is an investment analyst, MQL developer, financial trader and an expert in blockchain technology. He is a graduate in economics and holds additional studies in sustainable retirement investments. In addition, he has a background in literary journalism and experience in private fund management, institutional trading, and online broker setup. Eugene is a specialist at breaking down complex finance and investment topics into a simple read for everyone.

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Reviewed and Fact Checked by Vlad Hategan , NFT Gaming Specialist