Los Angeles-based blockchain venture studio Draper Goren Holm has announced an equity investment in Degens – The Blockchain Betting Exchange. 

Founded back in 2017, Degens is the first peer-to-peer sports betting exchange to operate on the Ethereum blockchain that uses the popular cryptocurrencies ETH and DAI. 

According to Degens, it is revolutionising the $100bn+ sports betting industry by utilising blockchain technology to offer the lowest fees, complete anonymity, a non-custodial platform (meaning Degens is never in possession of customer funds), and instant deposits/withdrawals. 

The collaboration with Draper Goren Holm and the Draper Venture Network will give Degens access to additional capital investments, mentorship, product marketing assistance, a powerful public relations arm, hands-on growth marketing guidance, and future sports partnerships through the venture studio, and the other portfolio companies in the venture network. 

Discussing the investment CMO of Degens, Matthew Thompson, said:

“We’re extremely excited to be supported by one of the leading accelerators and incubators in the blockchain/fintech space. We are confident their support will ensure that Degens continues to remain a market leader in the rapidly growing blockchain gaming industry.”

While Founding Partner at Draper Goren Holm, Josef Holm, commented: 

“Since the beginning, Degens has proved itself as a promising decentralized peer to peer sports betting exchange, one that users can trust and rely on. While we’re all curious to see how the sports industry overcomes COVID, the act of betting isn’t going anywhere; users will continue to win using Degens.”

And, Founding Partner at Draper Goren Holm, Alon Goren, added:

“Degens is replacing the typical house and its associated fees with smart contracts and contrary participant opinions. This type of system architecture allows for unstoppable winning and prevents Degens from controlling one’s money. It’s no question that this will be the future of sports betting, so we’re excited to welcome the team into the Draper Goren Holm family!”

AYO.NEWS says:

Sports betting has had a rough ride so far this year, and the COVID-19 crisis doesn’t look like it’s going anywhere anytime soon, so it’s great to see Draper Goren Holm are looking ahead at the long-term with this investment. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020