Coco, a new crypto casino inspired by the Milady NFT project, has rolled out on the Ethereum blockchain with transaction volume hitting $36 million in the first 12 hours after its release, according to etherscan data.

The platform's native token (COCO) has surged to 8 cents giving it a market capitalization of $8.8 million. Crypto exchange Poloniex listed the token on Friday.

As the wider crypto market continues to stagnate with a lack of volatility, crypto traders are frequently turning their attention to on-chain betting platforms like last week's phenomenon; hamster racing.

Coco's casino features a slot machine inspired by Milady NFTs and another that focuses on popular memecoins pepe (PEPE) and dogecoin (DOGE). It also hosts three traditional casino table games in blackjack, baccarat and casino hold'em.

The casino brands itself as "provably fair" as each game generates a seed and reveals its hash using the SHA256 algorithm, this seed is created before each game and ensures that nothing can be tampered with.

Popular crypto casino Rollbit has also been gaining traction in light of the stable market this month, with its native token (RLB) rising to 7 cents from 2 cents.

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Oliver Knight

Oliver Knight joined CoinDesk as a news reporter in April 2022. Before joining CoinDesk, Knight was the Chief Reporter at Coin Rivet for three years. Having graduated with a journalism degree from Birmingham City University, Knight went on to work at various sports publications before diving into the world of Bitcoin in 2014. He does not have any crypto holdings.