A $21 million seed investment round, marking the largest-at any time seed spherical by a British isles startup, for BetDEX, is now completed.
BetDEX, the new business by former FanDuel co-founder and CEO Nigel Eccles, is set to launch in the very first fifty percent of 2022. Describing itself as “the world’s initial decentralized sports activities betting protocol,” it combines blockchain technological know-how with sports activities betting, thereby looking to renovate the shopper sporting activities betting expertise.
The file-placing financial commitment spherical was led by San Francisco-based crypto financial commitment firm Paradigm and Bahamas-centered crypto exchange FTX. Other members bundled Multicoin Funds, Hack VC, Lightspeed Enterprise Associates, Sino World-wide Capital, Solana Ventures and Everblue Management.
Apart of Eccles, who will be BetDEX’s non-executive chair, other former FanDuel executives be part of in. Varun Sudhakar is appointed CEO. Stuart Tonner, the to start with engineer hired and critical developer at FanDuel takes up the CTO job.
Operating from a foundation in Scotland, BetDEX will now scale the business enterprise and is employing for a assortment of positions, the firm declared in a press launch.
BetDEX claims an solely new viewpoint on the regular sporting activities betting sector. The enterprise clarifies:
“Despite the enormous size, recognition and prospective of the sports betting industry, it has been characterized by incumbents charging higher charges and providing nominal item innovation.”
The company will choose a visionary “opposite approach,” with a protocol constructed on general public blockchain Solana. As for each the push release:
“The protocol will be entirely decentralized and open up-sourced, permitting 3rd events to develop their have programs and innovate on prime of the platform.”
“Blockchain technological know-how is set to revolutionize sporting activities betting and we want to be at the forefront of that.”
Citing scientific tests that show the opportunity of the global athletics betting industry to grow to $350 billion in just a handful of a long time time, Sudhakar mentioned:
“The athletics betting business expenses large prices for bad products and limits trades by its most thriving customers. BetDEX is diametrically opposed to this technique we will efficiently contend in opposition to incumbents with a markedly superior solution and very low fees.”
The former FanDuel executives leading the new venture are assured to leverage their working experience with FanDuel, which became Scotland’s initial $1 billion greenback-valued startup ahead of becoming obtained by Flutter in 2018.