Former executives of Scottish sports gaming platform FanDuel have raised what is claimed to be the UK's largest-ever seed funding round in preparation for the launch of a new online betting venture.
Based in Edinburgh, BetDEX combines blockchain technology with sports betting to bring down the cost of transactions and improve the customer experience. The protocol will be fully decentralized and open-sourced, allowing third parties to build their own applications on top of the platform.
Set for launch in the first half of next year, BetDEX will be based in Edinburgh and is currently hiring for a variety of positions. This is backed by a $21 million (£15.6m) investment round led by San Francisco-based crypto investment firm Paradigm and Bahamas-based cryptocurrency exchange FTX.
READ MORE: FanDuel bought by Paddy Power Betfair
Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, Solana Ventures, and Everblue Management also participated in the investment round.
Nigel Eccles, co-founder and former chief executive of FanDuel, becomes non-executive chairman of BetDEX, with Varun Sudhakar taking charge as chief executive. Mr Sudhaker worked alongside Mr Eccles in senior roles at FanDuel between 2015 and 2018,
Stuart Tonner, the first-ever engineer hired by FanDuel, takes up the role of chief technology officer at BetDEX.
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