Betex wants to bring transparency to the financial derivatives markets and create brand-new instruments to solve the problem of suspicious schemes and platforms that often scam their users. They want to introduce a peer-to-peer binary options platform powered with Ethereum smart contracts.
The sole fact that blockchain technology will be used in a financial derivatives market makes the platform significantly stand out from its regular competition, as non of the mainstream platforms and sites can assure that level of transparency and provable fairness.
Blockchain assures bettors that there is no interference in their bids or game results. On regular similar sites, a person can never be sure that the system doesn’t try to cheat and change the outputs. Betex provides access to real-time transparent data, where everyone can check the system and results. In that way, Betex undoubtedly makes a great impact on the issue of trust when it comes to online betting platforms.
The platform will primarily focus on binary options but will later work with other financial derivatives as well. Binary Options are bets that are placed on future changes and possible events, with only two possible results. The bet is either guessed correctly or incorrectly. The most popular games connected with the market are predictions of price changes within a set timeframe. Any trading pairs that consist of quotes, like, for example, currencies, stocks, metals, minerals, or oils, may be considered basic assets for binary options.
Betex came up with the idea of letting the traders place bets against each other and not against platform providers or other intermediaries, as it usually happens on other platforms. Users will be forming one large common pool of liquidity for each underlying asset in order to maximize potential profits and returns.
As instant transactions and blockchain technology allow Betex to eliminate any unnecessary intermediaries, they are able to provide the service at almost no cost and with very low fees compared to the mainstream competition. For now, Betex can even advertise itself as being the only platform where 95% of funds are distributed among successful traders. The rest of the money goes to the token holders and brokers, as well as further development of the platform and safety reserve.
Moreover, there is no need for any additional deposits at the beginning, as users can get access to all features of the platform instantly. The payments and payouts are automatically released by smart contracts directly to the user’s ETH wallet. This is another feature that improves security and reliability, as you don’t have to trust the platform with your money or wait to reach some payout limits.
BETEX is the main token in the system. However, there is also an SBT token, which is a Stable Betting Token with a preset price of $1. It is used for payments to winners, brokers, and holders of BETEX tokens, who will get a part of the platform’s profits.
The first pre-ICO round has already been successfully completed. Betex managed to raise $1,000,000 and complete the hard cap for the first round. The second round starts on the 10th of January and will last until the end of the month or when a set number of tokens is sold. The initial token price is set at $2.50.
The team behind the Betex project is relatively small. However, there are specialists in every needed aspect. They have skilled and experienced developers and programmers that focus on blockchain technologies, but also content strategists and people responsible for good project marketing. As an advantage and proof of developers’ work can act the fact, there are working beta versions of the platform so that everyone can check for themselves how Betex will look like and how this idea of p2p bets works.
Despite having a potentially great amount of competition, Betex has a chance of standing out from other similar platforms, thanks to blockchain technology and a very interesting approach to p2p bets. Trust and transparency is the biggest issue that players have when it comes to online betting, and these are the traits that Betex can provide. Overall design and appearance of the platform seem pretty enjoyable and easy to use for potential players. With instant payouts and perks for token holders, they can expect to gather a significant amount of users.