SX Network Closes Strategic Funding Round
The round was led by Draper Dragon with participation from CMCC Global, CMS Holdings, and other angel investors
We’re excited to announce today that we’ve closed a strategic funding round from some of the top investors in the crypto space!
The financing was led by crypto venture fund Draper Dragon with participation from CMCC Global, CMS Holdings, and several angel investors.
SX Network is on a mission to eliminate the vig in sports betting while also drastically increasing fairness and transparency by using the power of the blockchain. SX is the most transparent and fair sports betting platform ever created. Every single bet on SX is posted on-chain, creating a verifiable and tamper-proof permanent record on the SX Network blockchain.
This has enabled SX Bet to become the largest on-chain GambleFi project in the world, recently surpassing $432m in total betting volume, roughly 10x the next closest competitor. But, SX Bet is relatively unknown in the broader web3 world as it’s core user base is professional, non-crypto native sports bettors that just care about getting better odds.
However, this is all about to change dramatically.
SX Bet will be launching its application cross-chain on some of the most exciting blockchains in 2024, starting with it’s launch on Arbitrum in the upcoming weeks. This will make SX the first ever cross-chain betting application, and enable SX to tap into the much larger crypto-native audiences that already exist on other chains. Each cross-chain launch will be accompanied with massive betdrops to new and existing users to further spur adoption.
SX is extremely excited to launch on 🐻 Berachain 🐻 (ooga booga) when it goes live and is planning to be a day one dapp there. SX is also exploring launching on the hyper-scalable Monad blockchain in the second half of the year.
Andrew Young, Project Lead at SX Network, says:
“We’re excited to bring on these new partners just as we’re getting ready to launch the world’s first ever cross-chain betting platform. Bringing on this new round of funding along with these new high-quality investors positions SX well to become the global hub of sports betting liquidity and expand our lead in the web3 betting space.”
About SX
SX Bet is the #1 blockchain sports betting platform by betting volume across all chains. All bets are peer-to-peer and settled on-chain. SX lets you get the best odds when you bet on sports with crypto, all from the security of your own wallet. SX has processed +$432m in betting volume. SX Bet is not available in the United States or other prohibited jurisdictions.
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Disclaimer
Certain statements in this article are forward-looking statements, which include certain references to the funding round, the launching of SX Bet on new blockchains, the future development and growth of SX Bet and SX Network, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. The forward-looking statements contained in this article are made as of the date of this article. Except as required by law, SX Network disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
