BetDEX, a Blockchain-Based Sports Betting Protocol, Has Received $21 Million In Funding

December 23, 2021

A group of former FanDuel executives has formed BetDEX, which is a brand new betting platform that aims to be the first-ever decentralized sports betting system. The startup has raised $21 million to help it get up and running.

BetDEX is set to change the way people bet on sports

BetDEX is being developed by a group of well-known individuals, each with years of expertise in the gaming industry. As chief executive officer, Varun Sudhakar, a former FanDuel senior management, will lead the BetDEX. The new company’s chief technical officer will be Stuart Tonner, the former head of engineering at FanDuel Glasgow. Finally, Nigel Eccles, a co-founder and former CEO of FanDuel, will serve as non-executive chairman of BetDEX.

BetDEX’s mission is to transform the sports betting industry by implementing blockchain innovations. While the worldwide betting business has been continuously developing, the project’s backers think there has been a dearth of actual innovation, along with exorbitant charge rates. Sudhakar, BetDEX’s initial CEO, is adamant that his company is “diametrically opposed” to this method.

BetDEX will now take a turn. Clients will be able to trade swiftly, reliably, and affordably using its protocol, which is powered by the Solana blockchain. Furthermore, because of the protocol’s decentralized structure, anybody may create third-party apps that enhance the product’s total value.

With the arrival of blockchain technology, the company is going to effectively compete against incumbents with a significantly improved offering and reduced costs. Sudhakar stated that Winners will always be welcome on their protocol.

The BetDEX creators intend to build their own betting platform on top of BetDEX in the future.

The Seed Funding Round for BetDEX brought in $21 million

The entrepreneurs have already begun hiring personnel for BetDEX’s initial base of operations in Scotland. The protocol will take Solana, Tether, and Samoyedcoin as bet currencies once it is released.

To restart its operations, BetDEX held a seed investment round that netted the firm a total of $21 million, making it one of the best-funded startups in the United Kingdom.

The bitcoin investment company Paradigm and the cryptocurrency exchange FTX were the leading investors.

Arjun Balaji, a Paradigm investment partner, discussed his party’s decision to sponsor BetDEX. It is self-evident, he believes, that cryptocurrencies will transform sports betting.

DeFi has demonstrated how financial markets may be automated and spread to customers’ benefit. Crypto may be used for a variety of financial activities, including betting, according to Balaji.

He went on to say that BetDEX’s team seemed to be on the verge of creating something that illustrates the way forward for everyone working in the industry.

Sam Bankman-Fried, the CEO and creator of FTX, is likewise excited to be collaborating with BetDEX. He acknowledges that the team that stands behind the project is very experienced and can achieve its goals indeed.

According to him, the company fully believes in providing consumers the opportunity and authority to establish their own pricing and they are delighted to join with BetDEX to bring a new vision to life. BetDEX’s co-founder and chairman, Eccles, greeted the investors and 

Mentioned that Having FXT and Paradigm as cornerstone investors makes them very motivated.

Sino Global Capital, Everblue Management, Multicoin Capital, Hack VC, Lightspeed Venture Partners, and Solana Ventures are among the other significant investors.