Home News Decentralized sports betting protocol BetDEX raises $21M

Decentralized sports betting protocol BetDEX raises $21M

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The team of BetDEX, positioned as the first decentralized sports betting protocol, raised $21 million following the results of the seed round of financing. Paradigm and FTX led the round.

Multicoin Capital, Sino Global Capital, Solana Ventures, Hack VC, Lightspeed Venture Partners, Sino Global Capital and Everblue Management also participated in the round.

In addition, based in Edinburgh, Scotland, the startup intends to scale the business to other countries. Three former executives from FanDuel, which owns 36% of the current online sports betting market share, lead the company. Nigel Eccles, the non-executive chair of BetDEX, was previously a co-founder of FanDuel and served as its CEO.

Creating own applications and innovations on top of the platform

BetDEX will launch for the first half of 2022. Moreover, the team announced plans to add innovation to the growing market by offering fast and attractive rates in USDT, SOL and SAMO, eliminating counterparty risks.

“Decentralized finance (DeFi) has shown how financial markets can be automated and distributed to the benefit of consumers. Crypto can do the same for all other kinds of financial activities, including betting”. Said investment partner at Paradigm, Arjun Balaji.

Based on the Solana blockchain, the open-source protocol will allow third parties to create their own applications and innovate on top of the platform.

Promoting sports and entertainment brands

Earlier in August, FTX.US and Dolphin Entertainment media company have agreed to create a non-fungible token (NFT) marketplace to promote sports and entertainment brands. The platform’s area of interest includes cinema, television, music, games, esports, cooking, lifestyle and charity.

Recall that previously in November, FTX, Lightspeed and Solana Ventures launched a $100M gaming fund. Presumably, within the framework of the initiative; teams that integrate existing and created games into the Solana network will receive financial support. This will allow the formation of an in-game economy based on NFT and blockchain payments.

Thus, the collaboration has already led to the first investment. FTX and Lightspeed led a $21 million funding round for the Faraway game studio.

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