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Bitfinex Reveals Gamble On Online Betting Platform

A new betting platform could be financed by funds raised in the IEO

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Augur (REP) may soon face strong competition as Bitfinex announces plans for its own betting exchange.

In a recently published whitepaper, which also outlines the sale of its new LEO utility token, Bitfinex’s owners revealed that a new secure and regulated betting exchange was among their “forthcoming projects.”

Dubbed ‘Betfinex,’ the platform will leverage existing tech, developed and used by Bitfinex, in order to provide users with an accessible interface and an effective betting experience. This will include “state-of-the-art” APIs as well as new hardware to increase connectivity.

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“Betfinex will use Bitfinex technology to build what may be the most secure, performant, cost-effective, and user-friendly and legally-compliant betting exchange in the world,” the whitepaper reads.

“Offering superior connectivity in tandem with industry-leading matching technology will, for the first time in online betting, provide customers with an experience comparable to that of a low latency FX exchange.”


Will the IEO fund Betfinex?

Bitfinex became the centre of controversy after the New York Attorney General’s office accused the exchange of using Tether’s dollar reserves to cover an $850M shortfall.

Soon after, rumours of a possible Bitfinex IEO began circulating. The whitepaper, which was released today, is the first time the exchange has publicly acknowledged plans for a token sale. Some of the information, including the billion-dollar hard cap and invite-only participation, has already been leaked to the public.

The white paper also revealed the new token’s name: LEO. This is a nod to the exchange’s motto: unus sed leo, a Latin proverb for quality over quantity, according to the whitepaper.

Skeptics suggested the proposed IEO could be used to replace lost funds, but one source familiar with the matter told Crypto Briefing that the money would go towards financing new initiatives.

One of these could potentially be Betfinex, but there are seven other initiatives which Bitfinex also has planned. These include platforms for security token, derivatives and data trading, a hybrid exchange based on EOS, as well as an open-source collection of tools and resources for traders.

Details remain thin on the ground as to what exactly Betfinex will look like, and whether it will use the new LEO token as a means of exchange. Crypto Briefing approached Bitfinex for comment but had not heard back by the time we went to press.

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

Paddy Baker
Paddy Baker
Senior Journalist Paddy Baker is based in London. His interests in global finance and cryptocurrency may seem at odds with his background as a lover of history - but he asserts that understanding the past is the key to understanding the future. Paddy lives a short bike-ride away from ten million other people, and has yet to be seen in public without his laptop.

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