Draper Goren Holm Backs Legacy Sports Betting Exchange Degens in Equity Deal
Los Angeles, CA — July 22, 2020 — Los Angeles-based blockchain venture studio Draper Goren Holm announces today their equity investment into Degens – The Blockchain Betting Exchange.
Founded 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. Degens is revolutionizing the sports betting industry by utilizing blockchain technology to offer the following four benefits over competitors in this rapidly growing $100B+ marketplace:
- Lowest fees: Degens charges an industry-low 0.5% fee on all winning bets.
- Anonymous: No personal information is ever requested, as all bets are made 100% anonymously.
- Noncustodial: Degens is never in possession of customer funds due to the power of smart contracts.
- Instant deposits/withdrawals: Since players communicate directly with the smart contract, deposits, and withdrawals are instant.
Between Draper Goren Holm and the Draper Venture Network, Degens will gain 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.
Matthew Thompson, CMO of Degens, notes, “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.”
“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,” says Josef Holm, Founding Partner at Draper Goren Holm.
Alon Goren, Founding Partner at Draper Goren Holm, 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!”
About Degens – The Blockchain Betting Exchange
Degens is the first sports betting exchange to leverage blockchain technology. With Degens, there are no sign-ups, no bookies, no limits, and no censoring. Degens turned the betting industry upside down by giving the power back to the users. Since 2017, more than $20,000,000 of the stablecoin DAI and Ether has been traded on the platform. Degens is proudly a portfolio company of Draper Goren Holm and is a member of the MakerDAO Community Development program.
For more info, visit https://degens.com/