Blockchain

BetDEX Closes $21M Seed Funding Round

Published

2 years ago

November 19, 2021

Reading Time: 3 minutes

BetDex, a blockchain betting venture by former FanDuel executives, which was first unveiled late last month, has now completed a $21m seed investment round. This marks the largest-ever seed round by a UK startup.

BetDEX is described by the company as “the world’s first decentralised sports betting protocol.” Set for launch in the first half of 2022, BetDEX combines blockchain technology with sports betting, with the aim of transforming the consumer sports betting experience.

The $21 million investment round is led by San Francisco-based crypto investment firm Paradigm and Bahamas-based cryptocurrency exchange FTX, which was recently valued at $25 billion after its own Series B-1 round was disclosed in October. Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, Solana Ventures, and Everblue Management also participated in the round.

Former FanDuel co-founder and CEO Nigel Eccles becomes BetDEX’s Non-executive Chair, Varun Sudhakar is appointed CEO, and Stuart Tonner takes up the CTO role. BetDEX plans to scale the business from a base in Scotland and is now hiring for a range of positions.

Eccles co-founded FanDuel in 2009, with the company going on to become Scotland’s first $1 billion dollar-valued startup before being acquired by Flutter in 2018. FanDuel is now estimated to be worth around $30 billion. Varun Sudhakar, who began his career in investment banking in Silicon Valley, worked alongside Eccles in senior strategy and corporate development roles at FanDuel between 2015 and 2018, before going on to senior executive positions at other venture-backed startups in New York. Stuart Tonner was the first engineer hired by FanDuel, spending over eight years with the company, building the core FanDuel platform and scaling it to tens of millions of users.

In 2020, the global sports betting market was valued at $203 billion and is forecast to grow to $350 billion by 2024. Despite the immense size, popularity and potential of the sports betting market, it has been characterised by incumbents charging high fees and delivering minimal product innovation.

BetDEX aims to take the opposite approach, with a protocol built on public blockchain Solana, and will offer consumers extremely fast and low-cost trades, while eliminating counterparty risk. The protocol will be fully decentralised and open-sourced, allowing third parties to build their own applications and innovate on top of the platform. BetDEX plans to accept wagers in USDT, SOL and SAMO at launch.

Nigel Eccles, Co-Founder and Chairman of BetDEX, said: “Blockchain technology is set to revolutionise sports betting and we want to be at the forefront of that. It’s exciting to be founding the business with Varun and Stuart, and to be building it in Scotland. We are energized to have the backing and wealth of expertise that comes with having Paradigm and FTX as cornerstone investors.”

Varun Sudhakar, Co-Founder and CEO of BetDEX, said: “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.”

Sam Bankman-Fried, CEO and Founder of FTX, said: “We are thrilled to be backing a team with deep industry expertise to transform the sports betting experience. It is mind-boggling that more sports wagering does not occur on exchanges – we firmly believe in giving consumers the ability and control to set their own price and are excited to partner with BetDEX to bring this vision to fruition.”

Arjun Balaji, investment partner at Paradigm, said: “It feels obvious crypto will transform online sports betting. 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. The BetDEX team has the right combination of industry experience and technical skill to create something that shows the way forward for everyone working in the space.”

Blockchain

HIPTHER Announces Major Expansion into Fintech, Blockchain, and AI, Reinforcing Its Position as a Diverse Industry News Leader

Published

3 months ago

January 9, 2024

George Miller

hipther-announces-major-expansion-into-fintech,-blockchain,-and-ai,-reinforcing-its-position-as-a-diverse-industry-news-leader

Reading Time: < 1 minute

Building on its established success in the gambling and iGaming sectors, HIPTHER Agency is excited to announce a significant expansion of its editorial focus into three dynamic industries: fintech, blockchain, and artificial intelligence. This strategic move is part of HIPTHER’s ongoing commitment to providing comprehensive, in-depth coverage across a spectrum of industries, including virtual reality, esports, and official global government releases.

Focused Expansion for a Diverse Audience

The expansion into fintech, blockchain, and AI represents HIPTHER’s dedication to staying at the forefront of technological and financial advancements. By integrating these sectors into the HIPTHER .com platform, the agency offers its audience a rich, diverse content experience, positioning itself as a one-stop destination for insights across these cutting-edge fields.

Enhanced Digital Presence and Accessibility

Complementing this expansion, HIPTHER continues to enhance its digital footprint. The agency’s Android app has already established a strong user base, and with the anticipation of an iOS app in 2024, HIPTHER is set to broaden its reach and accessibility. The agency’s social media channels are also being rebranded to reflect this expanded focus, ensuring a cohesive and comprehensive digital experience.

Unwavering Commitment to Quality and Insight

HIPTHER, known for its high-quality content in the gambling industry, extends this commitment to its new sectors. The agency’s team of experts and seasoned journalists is dedicated to delivering insightful, accurate, and timely information, catering to the needs of a diverse, global audience.

Zoltan Tundik, Co-Founder and Head of Business at HIPTHER, states, “Our expansion into fintech, blockchain, and AI is a natural progression of our mission to provide diverse, in-depth industry news. We’re excited to bring our expertise and quality content to these vibrant sectors, while continuing to serve our existing audiences with the coverage they trust.”

For more information, please visit HIPTHER.com

Blockchain

Empowering Women in Web3: Polish Blockchain Association’s Exciting Initiative

Published

4 months ago

December 18, 2023

George Miller

empowering-women-in-web3:-polish-blockchain-association’s-exciting-initiative

Reading Time: 2 minutes

Hipther proudly announces the commendable initiative by the Polish Blockchain Association: the “Top Women of Web3, Central and Eastern Europe edition.” This groundbreaking effort aims to spotlight and celebrate the outstanding contributions of women shaping the Web3 landscape in Poland and the broader Central and Eastern European region.

Diversity as a Driving Force

Recognizing the transformative power of diversity, the Polish Blockchain Association acknowledges the invaluable impact women are making in the Web3 and blockchain industry. Despite these significant contributions, women remain underrepresented in the public sphere of the industry, particularly at conferences, webinars, and other events. The initiative seeks to address this imbalance and bring more visibility to the achievements of female colleagues in the region.

Nominate Outstanding Women

If you share this commitment to fostering diversity and inclusivity, we invite you to participate in this empowering initiative. Nominate outstanding women who have had a direct impact on the Web3 space over the past year. Whether it’s yourself or a colleague, we want to hear about the remarkable women shaping the industry in Central and Eastern Europe!

To nominate, simply visit the nomination page. The deadline for submissions is December 31, 2023, and the winners will be announced in January 2024.

Recognition and Rewards

The Polish Blockchain Association will select 20 outstanding profiles from the nominations, and the winners will be featured in a special report. This report will not only be published by the association but, subject to consent, will also be made available to conference and event organizers. This initiative aims to increase the visibility of women in core industry events as speakers and contributors. Additionally, winners will receive free tickets or discounts to attend the next year’s Tech of Tomorrow Conference, organized by the Polish Blockchain Association on September 19-20, 2024.

Inspire the Next Generation

By showcasing the diverse talent in the Web3 space, we aspire to inspire the next generation of leaders. Join the Polish Blockchain Association in supporting and recognizing the women who are driving innovation and excellence in the blockchain and Web3 industry.

Hipther is proud to stand alongside our Strategic Partners, the Polish Blockchain Association, in communicating this impactful initiative. Let’s work together to create a more inclusive future for the world of technology!

The Polish Blockchain Association is a non-profit organization fostering knowledge and experience exchange in the area of blockchain technology. Their mission is to connect experts, developers, enterprises and tech enthusiasts, and serve as a collaboration-enabling platform for the whole Polish and global blockchain community. Under the scope of this mission, they have joined forces with Hipther as Strategic Partners for the most impactful GameTech in-person gathering in CEE, the Prague Gaming & TECH Summit.

Blockchain

Oddin.gg Teams Up with Betswap: Pioneering a Hybrid Esports Betting Experience with Advanced iFrame Tech!

Published

6 months ago

October 19, 2023

Gaspar Incze

oddin.gg-teams-up-with-betswap:-pioneering-a-hybrid-esports-betting-experience-with-advanced-iframe-tech!

Reading Time: 2 minutes

Oddin.gg has announced an exciting new partnership with Betswap, a leading destination for sports and casino enthusiasts. This collaboration aims to enhance the esports betting experience for Betswap and its user community by utilizing Oddin’s advanced iFrame
technology.

The first blockchain based exchange rate platform Betswap emerges as a groundbreaking platform that seamlessly blends the worlds of sports betting, casinos, and esports. Pioneering a novel approach, it’s both a decentralized and centralized hybrid, allowing users to experience the best of both worlds. The incorporation of the Oddin’s iFrame functionality extends Betswap’s reach to capture the attention and engagement of esports enthusiasts, gamers, and bettors alike.

Marek Suchar, Managing Director and Co-founder at Oddin.gg, says: “We are absolutely thrilled to announce our partnership with Betswap.gg, where we are harnessing Oddin’s sophisticated iFrame technology to enhance the esports betting experience. Together, Oddin.gg
and Betswap.gg stand ready to adapt swiftly to the dynamic changes introduced by CS2, showcasing our commitment to providing comprehensive coverage of the inaugural official CS2 matches. We stand at the vanguard of technical innovation with our esports betting solution, and we are honored to collaborate with a similarly pioneering technological firm that is actively exploring new horizons in the realms of blockchain and web 3.0 technology.”

Thawfeek Ameen, CMO at Betswap, comments: “In partnership with Oddin.gg, Betswap is thrilled to announce the integration of their avant-garde iFrame solution into our platform. Having meticulously prepared together, we’re poised to seamlessly navigate the pivotal transition to Counter Strike 2. This groundbreaking addition is set to redefine the esports betting landscape, taking our platform to unprecedented heights and providing our users with a superior esports betting experience. Beyond just functional enhancements, this collaboration is aimed at boosting engagement and attracting the new generation of esports enthusiasts. Our partnership with Oddin.gg perfectly encapsulates our unwavering commitment to excellence, further cementing our position in the rapidly expanding global arena.”