Saxon Advisors
Blockchain Gaming
Sector Update H2 2020
Current Spotlight: Blockchain Gaming
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Saxon Circle General Terms and Conditions
This platform is operated by Durie Capital Markets Ltd. By registering as a new member, you agree to be bound by all terms and conditions of this Agreement.


1.1 These general terms of use (the "Saxon Circle General Terms and Conditions") supplement and form part of the following user terms and conditions:

1.1.1 Saxon Circle Company Terms and Conditions;

1.1.4 Saxon Circle Investor Terms and Conditions;

(the "User Terms and Conditions") between you and Durie Capital Markets Ltd ("Saxon Circle") (each a "Party" and together the "Parties")) and by registering as a user of Saxon Circle on Microsoft Teams (the "Platform") under the relevant User Terms and Conditions and thereafter by using the Platform, you indicate that you accept and agree to abide by the Saxon Circle General Terms and Conditions and the User Terms and Conditions (together the "Agreement").

1.2 In the event of any conflict between the Saxon Circle General Terms and Conditions and the relevant User Terms and Conditions, the User Terms and Conditions will always prevail.

1.3 These Saxon Circle General Terms and Conditions were last updated on 25th September 2019.


2.1 In the Agreement, unless the context requires otherwise, the following words and expressions have the meanings shown below:


a person that advises persons that may wish to participate in one or more Capital Raisings by subscribing for Investments;


a group undertaking as construed in s1161 of the Companies Act 2006;


"Approved Adviser"

a person that wishes to procure potential investors for the Company;

an Adviser that the Company has confirmed to Saxon Circle through the Platform may access the Data Room and procure potential Investors;

"Approved Agent"

an Agent that the Company has confirmed to Saxon Circle through the Platform may access the Data Room and possibly participate in the Capital Raising;

"Approved Investor"

an Investor that the Company has confirmed to Saxon Circle through the Platform may access the Data Room and possibly participate in the Capital Raising;

"Business Day"

a day (other than a Saturday and Sunday or a public holiday) on which banks are generally open for full banking business in the United Kingdom;

"Capital Raising"

the process of a Company raising capital by issuing Investments or facilitating secondary transfers of its Investments through the Programme;


persons authorised by Saxon Circle to raise capital through the Programme;

"Confidential Information"

has the meaning given in paragraph 12.2;

"Cornerstone Investor"

an Investor that is classified as such by Saxon Circle and negotiates terms and conditions with the Company to subscribe for a minimum amount of a Capital Raising, prior to Follow-on Investors being able to participate;

"Data Room"

a data room hosted by Saxon Circle through the Programme in respect of a Capital Raising;

"Deal Page"

the deal page in the Data Room, which includes some mandatory information required to be uploaded in respect of a Capital Raising before an Investment Opportunity can be published;

"Saxon Circle"

Durie Capital Markets Ltd;

"Saxon Circle Partner"

a person, approved by Saxon Circle to provide Saxon Circle Partner Services, appointed by a Company to provide Saxon Circle Partner Services to it in connection with a Capital Raising;

"Saxon Circle Partner Appointment Agreement"

an agreement between the Saxon Circle Partner and a Company confirming, among other things, the appointment of the Saxon Circle Partner by that Company and that the Saxon Circle Partner shall provide the Saxon Circle Partner Services for the Company;

"Saxon Circle Partner Services"

services provided by an Saxon Circle Partner pursuant to the Saxon Circle Partner Appointment Agreement;

"Follow-on Investor"

an Investor that bids on the basis of a set of conditions pre-defined by the Company and any Cornerstone Investors;


a Company's financial instruments comprising equity securities, convertible securities, bonds, collateralised loan obligations, notes and/or warrants;

"Investment Opportunity"

an opportunity for Approved Investors to submit orders for Investments through the Programme;


professional clients that wish to participate in one or more Capital Raisings by subscribing for or acquiring Investments;


the Markets in Financial Instruments Directive (2014/65/EC);

"MiFID Rules"

MiFID and all applicable rules and regulations implementing MiFID in the UK;

"Money Laundering Laws"

applicable money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency;

"Professional client"

has the meaning given in Annex II to MiFID;


alternative funding programme operated through the Platform by Saxon Circle that streamlines capital raising processes for enterprises;


has the meaning given in paragraph 12.5;

"Settlement Date"

the Business Day notified by a Company upon which the subscription for Investment in relation to a Capital Raising will take effect;


the Microsoft Teams Saxon Circle Team;


viruses, trojans, worms, logic bombs, keystroke loggers, malware, spyware or other material which is malicious or technologically harmful.

2.2 In the Agreement, unless the context requires otherwise:

2.2.1 references to a "person" include any individual, firm, body corporate (wherever incorporated), government, state or agency of a state or any joint venture, association, partnership, works council or employee representative body (in any case, whether or not it has separate legal personality);

2.2.2 references to a paragraph are to those of the Agreement;

2.2.3 headings are inserted for convenience only and do not affect interpretation;

2.2.4 the singular shall include the plural and vice versa, and references to one gender include all genders;

2.2.5 any statement in the Agreement qualified by the expression "to the knowledge of [Party A]" or "so far as [Party A] is aware" or any similar expression shall be deemed to include an additional statement that it has been made after due and careful enquiry;

2.2.6 any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as merely illustrative and shall not limit the sense of the words preceding those terms;

2.2.7 except as otherwise expressly provided in the Agreement, any reference to an enactment (which includes any legislation in any jurisdiction) includes references to: (i) that enactment as amended, consolidated or re-enacted by or under any other enactment whenever made; (ii) any enactment that that enactment re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) whenever made under that enactment, as amended, consolidated or re-enacted as described at (i) or (ii), except to the extent that any of the matters referred to in (i) to (iii) occurs on or after the date of the Agreement and increases or alters the liability of a party under the Agreement; and

2.2.8 references to "a Company" in the Saxon Circle Company Terms and Conditions shall mean "the Company" as defined in the Saxon Circle Company Terms and Conditions.


3.1 Access to the Platform is permitted on a temporary basis, and Saxon Circle reserves the right to withdraw or amend the content on and/or access to the Platform, at any time, without notice. Saxon Circle will not be liable if, for any reason, the Platform (or any content on the Platform) is unavailable at any time or for any period.

3.2 From time to time, Saxon Circle may restrict your access to some or all of the Platform.

3.3 You are responsible for making all arrangements necessary for you to have access to the Platform. You are also responsible for ensuring that all persons who access the Platform through your registration are aware of these terms, that they comply with them and for any activity on the Platform by such persons.

3.4 By accepting these Saxon Circle General Terms and Conditions you have agreed that you have provided accurate and complete registration information and will keep that information up to date at all times.

3.5 You will need a user identification code, password and/or pre-selected answers to security questions in order to access certain parts of the Platform that are reserved for registered users. It is your responsibility to keep this information secret and confidential and not to disclose it to any other person.

3.6 If you think that somebody else might know your user identification code, password and/or pre-selected answers to security questions then you must log in to your account and change these and let us know by emailing us as soon as possible.

3.7 Saxon Circle reserves the right to disable your user identification code, password and/or pre-selected answers to security questions at any time if, in Saxon Circle's reasonable opinion, you fail to comply with any of these Saxon Circle General Terms and Conditions or if Saxon Circle considers that there may be a security risk.


Saxon Circle may delegate any of its functions to a person selected by Saxon Circle, provided that Saxon Circle will exercise all due skill, care and diligence in the selection, appointment and periodic review and ongoing monitoring of its delegates and of the arrangements of the delegate in respect of the matters delegated to it.



5.1 Subject to paragraph 5.5, Saxon Circle, or its licensors, are the owner of all intellectual property rights in the Platform, and in the content on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

5.2 Saxon Circle and Saxon Advisors are trade marks which may not be downloaded or used in any manner without Saxon Circle's prior written consent.

5.3 If you print off, copy or download any part of the Platform in breach of these terms of use, your right to use the Platform will cease immediately and you must, at Saxon Circle's option, return or destroy any copies of the materials you have made.

5.4 You authorise Saxon Advisors to use your name, logo and/or trademark without your notice or your consent, in connection with certain promotional materials that Saxon Advisors may disseminate to the public.


5.5 You warrant to us that you own the intellectual property rights in any content which you upload to the Platform or, if you are not the owner, that you have the right to upload it and for it to be made available to other users of the Platform in accordance with the Agreement.

5.6 You will continue to own the intellectual property rights in any content which you upload to the Platform, but for so long as that content remains on the Platform you grant us a world-wide, royalty free licence to use, store, copy, distribute, display and make available that content and to permit other users of the Platform to use, download, print and reproduce.

5.7 You will indemnify us for any losses, liabilities, costs, expenses, claims or proceedings that Saxon Circle suffers or incurs, or will suffer or incur, as a result of or in connection with any breach by you of your obligations or warranties in paragraphs 5.4 and/or 5.5.

5.8 Saxon Circle is not responsible for, and make no warranties, representations, undertakings or guarantees in respect of, any content on the Platform which is uploaded by a user of the Platform. Any view expressed by any user of the Platform is their view and not Saxon Circle's view nor the view of Saxon Circle's officers or employees.

5.9 Saxon Circle reserves the right to remove any content that you have uploaded to the Platform at any time.

5.10 Saxon Circle also reserves the right to disclose your identity to any person who claims that any content you have uploaded to the Platform infringes their intellectual property rights or their right to privacy or is defamatory.


5.11 Any content that you upload to the Platform must:

5.11.1 comply with all applicable laws;

5.11.2 be accurate (where it states facts); and

5.11.3 be genuinely held (where it states opinions).

5.12 You must not upload to the Platform any content which:

5.12.1 is defamatory, fraudulent, deceptive, discriminatory, obscene, offensive, indecent, malicious, hateful or inflammatory;

5.12.2 infringes any copyright, database right, trade mark or other intellectual property right of any other person;

5.12.3 solicits or attempts to solicit passwords or personal identifying information for commercial or unlawful purposes from other users of the Platform;

5.12.4 is made in breach of any legal duty owed to anyone else, such as a contractual duty or a duty of confidence;

5.12.5 impersonates any person or misrepresents your identity or affiliation with any person;

5.12.6 gives the impression it comes from us;

5.12.7 constitutes advertising material; or

5.12.8 constitutes, advocates, promotes or assists any unlawful activity, including but not limited to copyright infringement or computer misuse.


Content posted on this Platform is provided for general information purposes only and is not intended to amount to advice on which you should rely. Saxon Circle is not liable or responsible for any reliance placed on such materials by you or anyone who you may inform of any of its contents.


7.1 Saxon Circle aims to update this Platform regularly, and may change the content on the Platform (including by adding or removing content or functionality) at any time. If the need arises, Saxon Circle may suspend access to the Platform, or close it indefinitely.

7.2 Saxon Circle provides no guarantees, warranties, representations or undertakings that the content on the Platform is accurate, complete or up to date at any given time, and Saxon Circle is under no obligation to update such content.


8.1 You represent and warrant on a continuing basis that:

8.1.1 you are duly authorised (where authorisation is required) and have been duly incorporated and are validly existing under the laws of your jurisdiction of incorporation and, insofar as such concept exists in its jurisdiction of incorporation, are in good standing under the laws of such jurisdiction and have full power and authority to enter into, deliver and perform its obligations under the Agreement and in entering into and performing its obligations under the Agreement you shall not: infringe any applicable law or regulation or any judgment, order, writ or decree of any government, governmental body or court having jurisdiction over you; breach or default in respect of any agreement, deed or instrument to which you are a party;

8.1.2 are not currently the subject of any economic, financial or trade embargoes or sanctions administered or enforced by the Office of Foreign Assets Control of the US Treasury Department, the United Nations Security Council, the European Union, the Office of Financial Sanctions Implementation of Her Majesty's Treasury, or other relevant sanctions authority;

8.1.3 neither you, nor any of your directors or officers or employees or, so far as you are aware, any agents or other persons acting on your behalf have, in connection with your business: used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; attempted to pay or paid any bribe, rebate, pay-off, influence payment, facilitation payment, kick-back or other unlawful payment; or violated or breached the U.S. Foreign Corrupt Practices Act of 1977, as amended, the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, the Bribery Act 2010 or any similar anti-bribery or anti-corruption law or regulation; and

8.1.4 your operations and those of your Affiliates are and have been conducted at all times in compliance with Money Laundering Laws and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving you or any of your Affiliates with respect to the Money Laundering Laws is pending or, to the best of your knowledge, threatened.

8.2 You undertake to execute all such documents and do all such acts as the other Party may properly and reasonably require in order to give effect to the terms of the Agreement.

9. LIABILITY OF Saxon Circle

9.1 The content on this Platform is provided without any guarantees, representations, undertakings or warranties as to its accuracy or that it will be error free. To the extent permitted by law, Saxon Circle, Saxon Circle's Affiliates and third parties connected to Saxon Circle hereby expressly exclude:

9.1.1 All conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity.

9.1.2 Any liability for any direct, indirect or consequential loss or damage incurred by any user of the Platform in connection with the Platform or in connection with the use, inability to use, or results or the use of this Platform, any websites linked to it and any materials posted on it, including, without limitation any liability for: loss of income or revenue; loss of business; loss of profits or contracts; loss of anticipated savings; loss of goodwill; and wasted management or office time,

and for any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.

9.2 Nothing in these terms limits or excludes Saxon Circle's liability to you for death or personal injury arising from Saxon Circle's negligence, nor Saxon Circle's liability for fraud or fraudulent misrepresentation, nor any other liability which cannot be excluded or limited under applicable law.

9.3 With the exception of paragraph 9.2, Saxon Circle's liability (which shall include Saxon Circle's Affiliates, and directors, officers and employees of Saxon Circle and its Affiliates) to you arising out of the Agreement or the performance of its obligations under the Agreement shall be limited in aggregate to £10,000.


By using the Platform you are consenting to us processing any data including personal data that you provide to us or that Saxon Circle collects from you as a result of your use of the Platform. Saxon Circle's privacy policy sets out what Saxon Circle does with that personal data.


11.1 You may only use the Platform for lawful purposes and in compliance with all applicable laws, including without limitation data protection and privacy laws and laws relating to unsolicited commercial electronic messages.

11.2 In addition, you must not:

11.2.1 knowingly or recklessly introduce Viruses;

11.2.2 use the Platform to attempt to gain unauthorised access to the Platform, the server, equipment or network on which the Platform is stored or any server, computer or database connected to this Platform or any software;

11.2.3 use the Platform to attempt to gain unauthorised access to any other website, internet account, server, computer, equipment, system, network, data or information;

11.2.4 use the Platform to collect or use information, including without limitation email addresses, screen names or other identifiers, by deceit (such as phishing, internet scamming, password robbery, spidering, scraping and harvesting);

11.2.5 use the Platform to send or transmit, whether directly or indirectly, unsolicited or unauthorised advertising or promotional material, chain letters or pyramid selling schemes; or

11.2.6 use the Platform to monitor data or traffic on any network or system.

11.3 By breaching this provision, you may commit a criminal offence. Saxon Circle will report any such breach to the relevant law enforcement authorities and Saxon Circle will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your rights to use this Platform will cease immediately.

11.4 Saxon Circle makes no warranties, representations, undertakings or guarantees that the Platform is secure or free from bugs or Viruses. Saxon Circle will not be liable for any loss or damage caused by a denial-of-service attack or Viruses that may infect your computer equipment, device, computer programs, system, data or other proprietary material due to your use of this Platform or to your downloading of any content posted on it, or on any website linked to it. You are responsible for ensuring that the device from which you access the Platform has suitable anti-virus software.


12.1 Subject to paragraphs 12.4, 12.5 and 12.6 below, each Party hereby undertakes not to disclose any Confidential Information to any third parties.

12.2 For the purposes of the Agreement "Confidential Information" means any information of any nature that is available through the Platform, including, without limitation, any technical, economic and financial, equity, corporate, commercial, administrative or other data, documents, agreements, corporate deeds, financial statements, business plans and other similar materials, as well as data, studies, estimates, forecasts, projections, papers, opinions, reports, analyses, comments, business models and other materials (even if not explicitly classified as being "confidential").

12.3 The term "Confidential Information" shall not include any information that is in the public domain or information that may fall in the public domain for reasons other than a Party's failure to perform its obligations under the Agreement.

12.4 Should it be necessary to disclose Confidential Information to third parties to comply with mandatory provisions of law or mandatory regulations or with orders issued by judicial or regulatory authorities, the disclosing party undertakes to disclose the Confidential Information solely to the extent necessary, subject to the prior timely notice to us and the person to whom the Confidential Information belongs (as appropriate) to such effect by email and by registered letter with return receipt requested.

12.5 The disclosing Party undertakes that it shall only disclose Confidential Information to its directors, officers, employees, agents, advisers, accountants and consultants ("Representatives") if it is reasonably required for purposes connected with the Agreement and only if the Representatives are informed of the confidential nature of the Confidential Information.

12.6 The obligations referred to in this paragraph 12 shall also apply to any such Representatives to whom the potential investor provides Confidential Information in accordance with paragraph 12.5.


13.1 You may not create a link to the Platform from another website without Saxon Circle's prior written permission.

13.2 You may not scrape content from the Platform and repost such content, either manually or automatically, without Saxon Circle's prior written consent.

13.3 The Platform must not be framed on any other website without Saxon Circle's prior written permission.

13.4 Saxon Circle reserves the right to withdraw linking, scraping and framing permission without notice and reserves the right to require you to remove any link to, scraping from or framing of the Platform at any time and without giving you prior notice.


Where this Platform links to other websites and resources provided by third parties, these links are provided for your information only. Saxon Circle has no control over the contents of those websites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them.


15.1 Any Party can terminate the Agreement immediately by giving notice to the other Party.

15.2 Any notice given by you pursuant to this paragraph 15 shall be made following prior consultation with Saxon Circle to the extent reasonably practicable, but, for the avoidance of doubt, such consultation shall be exclusively for informational purposes and shall not be construed as a requirement to seek the consent of Saxon Circle or any other person to the issue of such notice. Any failure to so consult shall not invalidate any notice properly issued in accordance with the terms of the Agreement.

15.3 Upon termination of the Agreement, the Parties shall (except for any liability arising before or in relation to such termination) be released and discharged from their respective obligations under the Agreement, provided that paragraphs 5.6, 8, 9, 12, 15 and 17 to 21 shall survive such termination and remain in full force and effect. Termination shall be without prejudice to any fees, charges or expenses that have become due and payable prior to such termination.


16.1 Saxon Circle has a procedure for handling any complaints relating to the operation of the Programme, a copy of which is available on request at the address stated in paragraph 16.2.

16.2 In order to make a complaint to Saxon Circle please write to [email protected] [or call +44 7825 200 204].


17.1 The representations and warranties in the Agreement shall continue in full force and effect despite the termination of the Agreement.

17.2 The Agreement, comprising these Saxon Circle General Terms and Conditions and the relevant User Terms and Conditions shall constitute the entire agreement on the subject matter between the Parties.

17.3 In the event any provision of the Agreement is found to be or becomes invalid or unenforceable, no other provision of the Agreement shall thereby be affected and the Agreement shall remain valid and enforceable in respect of all remaining provisions, and any invalid or unenforceable provision will be deemed to be replaced by a provision which as nearly as possible accomplishes the commercial purpose of the original.

17.4 Saxon Circle may vary the Agreement upon giving you 30 days prior written notice of the change, provided that Saxon Circle may vary the Agreement without giving you any prior notice in order to comply with its legal or regulatory obligations and will, in such circumstances, provide written notice of the change as soon as is reasonably practicable.

17.5 No failure to exercise and no delay in exercising on the part of any of the Parties any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in the Agreement are cumulative and not exclusive of any rights or remedies otherwise provided by law.

17.6 Nothing in the Agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the Parties, constitute any Party the agent of another Party, nor authorise any Party to make or enter into any commitments for or on behalf of any other Party.


18.1 The Agreement and the relationship among the Parties to it and any non-contractual obligations which may arise out of or in connection with the Agreement shall be governed by and interpreted in accordance with English law.

18.2 The Parties agree that the courts of England are to have exclusive jurisdiction to settle any dispute (including claims for set off and counterclaims) which may arise out of or in connection with (a) the creation, validity, effect, interpretation or performance of, or of the legal relationships established by, the Agreement or otherwise arising out of or in

connection with the Agreement, and (b) any non-contractual obligations which may arise out of or in connection with the Agreement and for such purposes all parties irrevocably submit to the exclusive jurisdiction of the English courts.


Any person who is not a party to the Agreement has no right under the Contract (Rights of Third Parties) Act, 1999 to enforce any term of the Agreement.


20.1 All notices and communications hereunder shall be in writing and shall be delivered or sent by email to the email address notified by the Parties to each other from time to time. The email address for the service of notice or communication on Saxon Circle is [email protected]

20.2 Any notice or communication shall be deemed to have been received at 9.00 am on the next Business Day after transmission.


Neither Party may assign, transfer, charge or otherwise deal with any of its rights or obligations under the Agreement nor grant, declare, create or dispose of any right or interest in it, except that you hereby consent to the assignment or transfer of the benefit and burden of the Agreement by Saxon Circle to an Affiliate of Saxon Circle subject to Saxon Circle giving you not less than 20 Business Days' notice of such assignment or transfer unless it is impracticable in the circumstances to give such notice. Any successor in interest of Saxon Circle and you shall be bound by the Agreement.


22.1 This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

22.2 Delivery of an executed counterpart signature page of this Agreement by email (pdf) shall be as effective as delivery of a manually executed counterpart of this Agreement. In relation to each counterpart, upon confirmation by or on behalf of the signatory that the signatory authorises the attachment of such counterpart signature page on the final text of this Agreement, such counterpart signature page shall take effect with such final text as a complete authorised counterpart.

22.3 By completing the registration form available on the Platform and by clicking the tick-box available on the Platform in order to accept the terms of this Agreement, you agree to be bound by all terms and conditions of this Agreement.