SX Network secures funding to venture into sports betting

Flagship platform, SX Bet, has recorded over $437 million in total betting volume

SX Network, a blockchain-based platform aiming to transform the sports betting landscape, has successfully concluded a strategic funding round. The initiative, led by Draper Dragon with contributions from CMCC Global, CMS Holdings, and various angel investors, marks a significant milestone for the company.

The core mission of SX Network is to innovate sports betting by leveraging blockchain technology to enhance fairness and transparency while eliminating traditional fees. Their flagship platform, SX Bet, has emerged as a frontrunner in the sector, boasting over $437 million in total betting volume.

Despite its substantial achievements, SX Bet has operated somewhat under the radar within the broader web3 community.

The recent funding round not only validates SX Network's position as within blockchain-powered sports betting but also signifies its readiness for substantial growth. With plans to expand into the web3 ecosystem, SX Network aims to increase its visibility and influence.

In a move set to further its reach, SX Bet plans to launch on over five new blockchains in 2024, beginning with Arbitrum. This expansion makes SX Bet the first cross-chain betting application, targeting a wider audience across multiple blockchain platforms.

To celebrate each launch, the platform intends to offer significant incentives to new and existing users, fostering adoption and engagement.

Andrew Young, project lead at SX Network, expressed enthusiasm for the upcoming expansions:

“We are excited to bring on these new partners just as we are getting ready to launch the world's first-ever cross-chain betting platform. This influx of new funding and high-caliber investors perfectly positions SX to solidify its status as the global hub of sports betting liquidity and to extend our leadership in the web3 betting space.”

SX Network's blockchain combines smart contracts with an on-chain treasury and prediction market protocol, offering low-cost transactions and a PoS-based consensus. SX Bet operates as a non-custodial platform, facilitating peer-to-peer betting settled transparently on-chain.

SX Bet stands as a forward-looking sports betting platform, facilitating peer-to-peer trading on sporting and political events via the Ethereum public blockchain. The platform aims to integrate cryptocurrency and smart contract-based protocols into mainstream betting practices.

Operating on the SX Network Blockchain and leveraging the SX Bet smart contract protocol, the platform prioritizes security through decentralized blockchain technology.

However, it must be noted that the platform is not available in the United States or other restricted jurisdictions.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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