Cryptocurrency News

Web3 Betting Platform, Aver Raises $7.5M in Seed Funding

Web3 Betting Platform, Aver Raises $7.5M in Seed Funding

Aver, a decentralized peer-to-peer betting exchange based on the Solana blockchain, reported raising $7.5 million in seed funding. Jump Crypto and its partner Jump Capital were the lead investors in the round. Jump Crypto is a major player in the sports betting and crypto venture capital space. Mirana Ventures, Genesis Block Ventures, Susquehanna International Group, Serum Ventures, MEXC, Gate.io, Blue Pool Capital, Solar Eco Fund, and Petrock Capital are venture capital heavyweights that have backed the project.

The seed round will be utilized to help bring the world’s first decentralized Web3 betting platform to market and support development and legal, regulatory expenditures. After a closed beta in Q1 2022, the platform is expected to become live in mid-2022.

Aver is based on a blockchain system that allows for peer-to-peer bet matching without the need for a “trusted middleman,” as is the case with a conventional bookmaker or exchange like Betfair. This allows for betting at a fraction of the cost of traditional betting while also removing liability exposure. Over time, Aver hopes to transition to an open-source framework, allowing other parties to build applications on top of the technology, such as additional features, marketplaces, and interfaces, while also enabling the Aver ecosystem’s continuous development.

The investor list includes some of the most strategic investment partners for the ambitious early-stage business, including giants in both the sports gambling and crypto trading areas, as well as links to some of the top crypto exchanges in the world.

Jump Crypto’s partner Peter stated that Jump is optimistic about the future of Web3, sports betting, and the intersection of these two sectors. They believe Aver’s decentralized sports betting approach can improve accountability, save costs, and enable global operations. Read more about how crypto sports betting sites helps you in winning huge rewards and other benefits.

Dean Carlson, Susquehanna’s Head of Digital Asset Investments, reported that Aver is a true pioneer in the betting sector. Its open and decentralized exchange system has the potential to completely disrupt existing betting markets, allowing for more fluid trade, price transparency, and the return of a large portion of profit margins to players.

Mirana Ventures Partner, David Toh, stated that in many ways, Web3 technology and blockchain are still in their infancy, and widespread adoption is still a long way off. They plan to create a product that provides consumers with all the benefits of decentralization while maintaining user experience and ease of use in comparison to established platforms. They are confident that team Aver can deliver on that.

The Aver platform is based on Solana, a blockchain network that has gained a lot of attention lately due to its low processing times and transaction prices compared to Ethereum.

The Aver team has already completed a proof of concept technology as part of the Solana Ignition Hackathon, gaining first place and acknowledgment among several intriguing blockchain applications in the DeFi field.

 

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