Aver, a Decentralized P2P Betting Exchange, Raises $7.5M in Seed Money

According to a news release announcing the seed financing, Jump Crypto, together with its affiliate Jump Capital, is a major participant in both the crypto and sports betting venture capital space.

In an interview with Peter Johnson, Partner at Jump Crypto, he expressed his excitement about the future of Web3, sports betting, and the intersection of these fields. According to him, they believe Aver’s decentralized sports wagering system may improve transparency save costs while allowing for worldwide operation.

In addition, the initiative was supported by several prominent venture capital firms, such as Mirana Ventures, Scrum Ventures, Blue Pool Capital, MEXC, Petrock Capital, and Solar Eco Fund.

In addition to helping to bring the betting platform to market, Aver said the seed round would cover the company’s development, legal, and regulatory running costs. During the first quarter of 2022, a closed beta version of the platform is expected to be released.

Unlike traditional bookmakers or exchanges, Aver’s blockchain technology allows for peer-to-peer matching of bets without the need for a “trusted middleman,” according to a press release. One may do betting for a fraction of the cost and without the worry of a counterparty.

Aver will implement an open-source framework over time, allowing third parties to create applications on top of the underlying technology. The Aver ecosystem would benefit from adding these additional features, interfaces, and marketplaces.

The stock market defines the investors as some extremely crucial investment partners for the project’s ambitious early-stage development stage. The firm has links to several of the world’s top crypto exchanges, as well as sports betting and crypto trading heavyweights. If you are considering getting involved or are already an online betting enthusiast, read this article to know more about the betting market.

Dean Carlson, Susquehanna’s Head of Digital Asset Investments, says that Aver delivers true innovation to the betting sector. Traditional betting markets might be disrupted by its open and decentralized exchange system, which allows for more fluid trading, higher pricing transparency, and returns a significant portion of the profit margins to the customers.

The Aver platform was launched in 2021 and is built on the Solana blockchain network, which has recently gained much attention for its low transaction prices and processing speeds.

At Solana Ignition Hackathon, the team behind Aver was recognized as one of the most promising blockchain apps in the decentralized finance (DeFi) area, earning them a top rank and a place in the finals.

We are yet in the very initial stages of mainstream adoption of blockchain and Web3 technologies in many ways. Decentralization has numerous advantages, but there must be no sacrifice on user experience or ease of use compared to traditional platforms, according to Mirana Ventures Partner Davis Toh. As per the reviews of the Aver team’s performance thus far, Mirana Ventures believe it will fulfill their promise.

The gaming industry’s new betting exchange trend is gaining traction. An investment round of $21 million was disclosed in November by BetDex, a blockchain sports betting exchange based on the Solana network and helmed by former FanDuel CEO Nigel Eccles.

According to BetDEX’s website, it is the world’s first decentralized sports gambling system. Customers may expect a debut date of early 2022, and they’ll get speedy and low-cost trades while avoiding the danger of dealing with a third-party counterparty. As the global online market report highlighted, betting companies that run Online Casinos have done well during the COVID-19 pandemic. This suggests a very positive outlook for the future of online betting.