Aver, the World’s First Fully Decentralized Web3 Betting Platform, Closes $7.5M Seed Funding Round
Aver, a decentralized peer-to-peer betting exchange built on the Solana blockchain, today announced it raised $7.5 million in seed funding. The raise was led by Jump Crypto, which along with its affiliate Jump Capital, is a key player in both the crypto and sports betting venture capital domain. The project also drew backing from other venture capital heavyweights, including Mirana Ventures, Susquehanna International Group, Genesis Block Ventures, Serum Ventures, Blue Pool Capital, MEXC, Gate.io, Petrock Capital and Solar Eco Fund.
The seed round will be used to help bring the world’s first decentralized Web3 betting platform to market as well as fund development and legal regulatory operating costs. The platform expects to launch in mid-2022, after a closed beta in Q1 2022.
The innovation underlying Aver is a blockchain protocol which enables peer-to-peer matching of bets in a way that does not require a ‘trusted middleman’ — as is the case in a traditional bookmaker or exchange such as Betfair. This enables betting at a fraction of the cost as compared and eliminates counterparty risk. Aver has ambitions to move to an open-source structure over time, allowing for third parties to build applications on top of the technology, such as new features, interfaces and markets, and supporting the continued development of the Aver ecosystem.
The investor line-up represents some highly strategic investment partners for the ambitious early-stage project — including heavyweights in both the sports betting and crypto trading domains and connections to some of the world’s largest crypto exchanges.
Peter Johnson, Partner at Jump Crypto — “At Jump, we are excited about the future of Web3, sports betting, and the confluence of these two areas. We believe Aver’s approach to decentralized sports betting can increase transparency, reduce costs, and enable operations at a global scale.”
Dean Carlson, Head of Digital Asset Investments at Susquehanna — “Aver brings real innovation to the betting industry. Its open and decentralized mechanism of exchange has the potential to really disrupt the traditional betting markets — facilitating more fluid trading, greater price transparency and returning a significant chunk of the profit margins back to users.”
David Toh, Partner at Mirana Ventures — “In many respects, blockchain and Web3 technology is still in its infancy, and we are still in the early stages of wider adoption. Part of the challenge ahead is designing a product that offers users all of the many benefits of decentralization — but without any compromise to user experience and ease-of-use versus traditional platforms. From what we’ve seen to date, we are confident that the Aver team can deliver on that.”
The Aver platform is built on Solana — a blockchain network which has gathered much attention in recent months, as it boasts transaction costs and processing times approximately 1/1,000th of that on Ethereum.
The team behind Aver has already brought a proof of concept technology to fruition as part of the Solana Ignition Hackathon, claiming a top spot and recognition among the hundreds of promising applications of the blockchain technology in the decentralized finance (‘DeFi’) space.