Paradigm and FTX back a decentralized sports-betting protocol in a $21 million seed round

The team behind BetDEX, positioned as the first decentralized sports-betting protocol, raised $21 million in a seed round. It was led by Paradigm and FTX.

This is gonna be epic.

Extremely excited for @6thManVentures to support @nigeleccles, @svarun91 and team as they build the world’s greatest decentralized sports betting protocol. @BetDEXLabs is the right team at the right time in the right place. https://t.co/YsWsOeB7w5

— Mike DAOdas (@mdudas) November 17, 2021

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

The Edinburgh-based startup aims to scale the business to other countries. It is led by former executives and the co-founder of gaming company FanDuel.

The Betadex launch is planned for the first half of 2022. The team said it plans to introduce innovations in the growing market, offering fast and attractive bets in USDT, SOL and SAMO, removing counterparty risk.

“DeFi showed how financial markets can be automated in the interests of consumers. Blockchain can do the same for other activities, including sports betting”, — Balaji Srinivasan, a partner at Paradigm.

The Solana-based, open-source protocol will allow third parties to build their own applications and innovate on top of the platform.

Earlier, in August, the operator of the Bitcoin exchange FTX.US and the media company Dolphin Entertainment agreed to create NFT-marketplace to promote sports and entertainment brands.

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