SiGMA News speaks to BETR CEO Adriaan Brink who will now assume the role of CEO of the FUN token
FUN token is pleased to announce that it has reached agreement with the BETR Foundation to merge both party’s interests and work together to bring decentralised and peer-to-peer gaming to its huge and growing user base.
BETR raised funds in 2017 to build a peer-to-peer betting solution and proceeded to execute, with a fully-fledged betting client launching in time for the FIFA World Cup in 2018. The technology developed included an in-game betting system with rich market coverage and peer-to-peer betting facilitated through a complex smart contract ecosystem based on the BETR ERC20 Ethereum token. More recently it extended the system to offer casino gaming.
FUN is now able to take advantage of the technology and expertise developed for BETR as part of an agreement to merge the tokens.
BETR holders will be able to switch their BETR for FUN through an automated swap system which will cause the BETR tokens to be burned in exchange for FUN. Through an automated swap system BETR tokens will be swapped for Fun at a rate of 4 BETR = 1 FUN – system details to be released within the next week on https://betr.org. BETR tokens acquired through the swap system will be burnt and BETR will be delisted from exchanges.
As part of the transaction FUN will acquire all technology developed for BETR and key personnel will join the new FUN team, building the future of decentralised gaming. BETR CEO Adriaan Brink will assume the role of CEO of the FUN token and will grow the team and spearhead the new drive to grow opportunities for FUN.
Brink has a wealth of experience in the online gaming industry, starting in 1995 with lotteries and progressing through all gaming verticals over the past 25 years. He also co-founded Earthport (now Visa Direct) in 1999 and his payments experience combined with gaming make him the ideal person to take FUN to the next level.
Speaking to SiGMA News, Brink stated that by joining forces with FUN, BETR is aiming to go the next level and both companies can jointly achieve more. Although BETR will effectively close down, the technology will live on under a new brand and with a much larger user base.
At BETR we built a truly decentralised betting system where all the information about the bet was encapsulated on-chain along with financial liability essentially removing the bookmaker or exchange from the process. We will be working on leveraging this work on a more performant blockchain that Ethereum together with casino and other games.
He also elaborated on the fact that with this partnership, investors in BETR will gain access to a larger more liquid token base. "We could have stayed the course with BETR but this move made more sense for all involved."
FUN will soon announce plans on how it intends to move forwards with a suite of products including side-chain and off-chain gaming engines to counter the issues of Ethereum gas prices, a new casino site with a rich suite of games, and other gaming opportunities including peer-to-peer betting.
Freebitco.in has over 40M users and significant daily traffic and will play a pivotal role in expanding the FUN token user base. The company intends to set aside a percentage of profits from activities to be burnt on a regular basis which will reduce the supply figures downwards.
3.75Bn of the cold storage FUN tokens were purchased recently by Freebitco.in. This was the culmination of an ongoing exercise to accumulate tokens for use within their loyalty program. As a consequence of this, these tokens are no longer in cold storage and the supply figures on Coinmarketcap will update shortly as follows:
Total supply : 10,999,873,621
Circulating supply : 10,298,879,189
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