Investment house Draper Goren Holm announced its investment into ETH bookie exchange Degens. The latter is a peer-to-peer sports betting exchange started in 2017 and powered by Ethereum and DAI blockchains.
The betting exchange promised cheap and fast sports betting. However, everything changed due to Ethereum’s scaling problems. As a result, the platform failed to deliver on its promises. The Draper Goren Holm deal provides Degens access to additional capital investments, product marketing, and mentorship. Also, the investment house would offer a public relations arm to the ETH bookie exchange.
Degens’s goal is to become a decentralized peer to peer sportsbook exchange that users can rely on and trust. Draper Goren Holm is curious about how the sports world can overcome the coronavirus pandemic. Also, wagering on sports will not go away despite COVID. Thus, players will continue to use Degens.
ETH Bookie Exchange Degens
Since its founding, Degens handled more than $20 million. Based on sports betting bookie software reports, the exchange earned $100,000 in four years. However, people are still wondering why Degens decided to build the platform on ETH.
According to bookie pay per head sources, Ethereum has significant scaling problems. In 2019, a card game in the ETH network became too popular that it brought the system down. Users that want to make transactions with ETH during that time had to pay $40 for each transaction to avoid network congestion.
Some experts are suggesting that Degens should switch to Bitcoin SV to solve the high fees and scaling problems. The BSV can process millions of transactions at a time due to its unlimited size. If you want to be a bookie that’s successful, you need a reliable platform.
Experts even suggested that Ethereum would be unusable in five years. Its development team is looking for solutions to ensure its reliability in years to come.