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Investors Flock to BetProtocol’s (BEPRO) Private Sale on Matic Network

sludgefeed.com 17 December 2019 13:50, UTC
Reading time: ~2 m

BetProtocol (BEPRO), a new project developing a set of tools that allows users to create their own betting platforms, has seen significant interest from early investors for its Matic Network-based token sale.

Early mockup of Bet Protocol’s upcoming sportsbook (Bet Protocol)

According to a recent blog post, BetProtocol’s recent private sale, where 25,000,000 BEPRO was offered at a 20% discount ($0.0016 per BEPRO), sold out and was oversubscribed by 4x.

The sale itself required users to submit an application and was limited to $50K in total tokens, meaning that there was at least $200K in requests from early-stage investors. Funds from the sale are going toward four “scholarships to support the creation of fully regulated gaming applications based on BetProtocol and Matic’s scaling technology.”

Distribution of BEPRO tokens (BetProtocol)

More information on the Scholarship program can be found here, but it looks like the system BetProtocol and Matic are developing is designed to create vetted blockchain betting applications on the new protocol.

“BetProtocol and Matic Network will be distributing 4 scholarships worth $12,500 each, which includes the complete setup of a fully regulated gaming application,” reads the announcement. “Scholarship applications will be open until January 17, 21:00 UTC, and anyone can apply.”

BetProtocol previously raised $3 million by selling 1.5 billion BEPRO in a private sale in a private sale led by NGC Ventures, with participation from CMS Holdings, BlockGround Capital, Shilling Capital Partners, Bynd Venture Capital and Utrust Ventures. The sale valued BEPRO at $20 million based on its total supply of 10 billion.

BetProtocol is being built on Ethereum (ETH) using Matic Network’s sidechain scaling solutions.

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