The Hong Kong-based startup, Betex Lab Limited, has announced the launch of its token sale to fund the development of the world’s first decentralized binary options platform.
Betex is an innovative blockchain-based platform for financial derivatives trading. By using Ethereum smart contracts, the company aims to change the way financial derivatives are traded, bringing full transparency to the process. Unlike traditional services, Betex allows users placing bets against each other and not against any other intermediaries.
At first, only binary options will be available for trading, but according to Betex, more derivatives will be included later.
The project is based on a new business model that will minimize risks regardless of the number of users. To maximize users’ profits, the platform will create one common pool of liquidity for each trading asset, instead of forming multiple ones. The liquidity will be derived from a general pool of brokers, who will integrate into the platform via the white label scheme.
Betex is the only platform where about 95% of the funds will be distributed among the winning traders. Meantime, the platform’s commission will be just 5% and 2.5% of which will go to the holders of BETEX tokens. Besides, users to will be able to get an instant access to the platform’s features without having to pay any deposits.
“Our mission is to bring unprecedented transparency to the derivatives’ market, as well as develop the new derivatives, which won’t leave any chances for the old shady trading instruments to exist,” said Oleg Torkhov, CEO of Betex. “All transactions will be publicly available for any checks. No one, including the platform, will be able to influence the process.”
The token sale will be divided into three rounds, two preliminary stages and one main stage. Betex is now running the pre-sale round 1 that will continue until December 20, 2017. As the company noted, the preliminary stages of the token sale will be open only to qualified investors who passed the KYC/AML procedure.
“We are aiming to attract funding of $4,750,000. This budget will cover 1 year of active development and promotion of the project,” added Mr. Torkhov.
According to the ICO rules, the BETEX tokens will be transferred to investors only during the main round of token sale in 2018. They will be transferred directly at the time of purchase or immediately after the end of the round, depending on the chosen model of the round. The date of the main crowdsale is yet unknown and will be announced later.