BetDEX, a new company that seeks to be the first decentralized sports betting protocol, has been launched. The project was conceived by Nigel Eccles, Co-Founder of FanDuel, who will act as Chairman; Varun Sudhakar, a Non-Executive Chair at FanDuels, who will serve as CEO; and Stuart Tonner, who will servce as BetDEX’s CTO.
BetDEX’s launch became feasible after the nascent company received the largest round of seed funding ever raised by a UK start-up. The main contributors to the $28m raised were San Fransisco cryptocurrency investment firm, Paradigm; the Bahamas crypto exchange, FTX, and a number of other companies including Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, Solana Ventures, and Everblue Management.
BetDEX’s angle is to use blockchain technology in sports betting, something which group founders insist will immeasurably add to the quality of gaming experience by offering immediate trades and eradicating counterparty risk. Decentralized and open-sourced, the protocol will allow third parties the ability to develop their own applications. As of the launch, BetDEX accepts wagers in USDT, SOL and SAMO.
Speaking to the potential of blockchain, Nigel Eccles, co-founder and CEO of the new company, had the following to say: “Blockchain technology is set to revolutionize sports betting and we want to be at the forefront of that...We are energized to have the backing and wealth of expertise that comes with having Paradigm and FTX as cornerstone investors.”
Eccles’ partner, Varun Sudhaker, was able to add: “The sports betting industry charges high prices for poor products and limits trades by its most successful users. BetDEX is diametrically opposed to this approach, we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of blockchain technology. Winners will always be welcome on our protocol.”