BETR Founder, Adriaan Brink said while launching multi-currency betting, “Today we introduce native ETH betting – a bettor can now bet in either BETR or ETH. If you bet in ETH you will be paid winnings in ETH. Simple. And it works. Seamlessly.”
A bettor can easily choose the currency that they want to bet in and the system is now multi-currency.
The underlying escrow, which is always BETR, is extremely fundamental to this.
The bet is recorded with a fixed exchange rate once a bettor has chosen the currency. This is used to calculate the winnings. This bet is then laid against peer-to-peer layer at the BETR amount according to this rate.
This is then a BETR bet and the layers will always lay in BETR and underlying escrows will also happen in BETR. The underlying liquidity pool, affiliate payouts and any other rev share will remain in BETR.
Net losses in other currency betting will require more BETR being used in the system. The source for this will be treasury reserves and buying on exchanges. This will lead to more liquidity in the BETR system
“Looking to the future this brings an exciting addition to our platform. We are working on adding cross-chain crypto currencies such as EOS and LTC to the client and hope to have more news on these soon,” Brink commented.
“We are also, as a part of this change, moving to a technical architecture where we will be able to operate across multiple core systems, be it Ethereum, EOS or any other performant crypto currency.”
Established in 2017, the BETR Foundation aims to integrate the blockchain technology into sports betting. This creates a decentralized peer-to-peer betting system. It was founded by David Vanrenen and Adriaan Brink and is a non-profit organisation. It develops sophisticated software solutions for peer-to-peer betting by making use of smart contracts.