Synthetix is about to launch Binary options and sports betting on its platform.
Funds amounting to $2.5 million has just been raised to enable Synthetix add binary options type of trading to its plethora of products.
In Binary options, traders think of a likely outcome in price out of two options. This is why it was named “binary”
Thales will start with more than 60 different financial instruments including equities and cryptocurrencies before they go into sports instruments. The date for the launch has not yet been fixed.
Framework Ventures was one of those that led the fund raising. Others that followed were D64 Ventures and LD Capital.
It was also known in the announcement that shareholders will forfeit their rights to the shares they buy for some time.
The brain behind the method used to raise the funds was Kain Warwick and it was called ‘DAO-first capital formation.’ The method emphasizes the need for token holders to be part of the governance team.
The distribution of the Thales token will be based on the performance of the members. Some will be reserved for those who are the organizers, even those that will come up to be the organizers tomorrow.
An executive at Synthetix revealed there will be an airdrop for Thales between August and September this year.
Thales’ dreams to also partake in sports betting will become real by working with Chainlink. The partnership is important for the supply of data feeds and oracles.
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