Global Blockchain Announces Investment in MEvU
February 20, 2018 (Source) — MEvU will cut middlemen out of online betting, enabling players to bet against each other – offering better odds, and limitless wagering options
GLOBAL BLOCKCHAIN TECHNOLOGIES CORP. (CSE: BLOC) (FSE: BWSP) (OTC Pink: BLKCF) (“GBT” or the “Company”) is pleased to announce its $2 million investment in the private token offering of MEvU, a product of Decent Tech Inc. (“MEvU”).
The sports betting market’s magnitude is astonishing. By the American Gaming Association’s estimation, approximately US $400 billion are wagered on sports bets every year. To put that figure into perspective, that is more than the entire 2017 national GDP of the United Arab Emirates, or more than a quarter of Australia’s. One element that makes this area possibly unattractive to investors is the fact that 99% of this wagering volume is done illegally. With regulatory and accountability concerns, sports betting has long been off-limits for cautious investors. With its blockchain-based wagering platform, MEvU introduces a self-regulating way for users to place bets against other users; instead of a “house”-type opponent such as a casino or a bookmaker.
“MEvU is the solution to many of the problems that online betting participants face”, says Shidan Gouran – President of Global Blockchain. “Currently, players either have to make bets at unfavourable odds with legal bookmakers, or run a risk of nonpayment or legal trouble with illegal bookmakers. MEvU is a wagering ecosystem that prevents both of these downsides, protecting the best interests of all participants.”
This investment is made in conjunction with GBT’s acquisition of a 30% interest in Decent Tech Inc., MEvU’s parent company. Under the terms of the agreement, GBT will immediately purchase 4,285,715 Class A Common Shares of Decent Tech Inc., at a price of US $0.07 per share, for a total investment of US $300,000.
MEvU’s platform is a decentralized P2P (peer-to-peer) betting application that matches players who are seeking to place a bet on an event’s outcome at agreed-upon odds. These events can be occurrences in or outcomes of sporting games – though an option will also be available for players to make custom bets on anything at all. For instance, two friends could bet against each other on a game of beer pong. With MEvU’s Smart Contract technology built on the Ethereum Virtual Machine, wagers can be held upon being placed, and disbursed in accordance with the wager’s terms – effectively duplicating the functionality of a bookmaker.
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Global Blockchain President Shidan Gouran demonstrates this with an example; “Say there’s a soccer game coming up, and a bookmaker has one player betting $500 on the home team, and another player betting $500 on the away team. Those two players are basically betting against each other. So when the bookmaker pays the winner, they’re just paying them with the loser’s money and taking a cut for doing nothing except making sure that the bettors are getting paid. MEvU does exactly this, but never charging more than 3%, compared to the industry standard of 10%. When you’re betting hundreds or thousands of dollars, that difference is meaningful – which is why this will make a big difference in how bets will be made.”
With the skills and experience of GBT’s management team coupled with MEvU’s sports betting savvy, this could become a strong cryptocurrency on the market – and perhaps a game-changer in sports betting. MEvU’s launch timeline is timed as such so that the beta version will be ready for the 2018 FIFA World Cup in June – an event that will see billions of dollars wagered worldwide – all of which will benefit from MEvU’s abilities.
“We are thrilled to be able to work with Global Blockchain. We know that there is big potential here – and this investment, along with GBT’s expertise, will ensure that our vision for MEvU is realized”, says Kelvin Coelho, CEO of Decent Tech Inc.
About Global Blockchain Technologies Corp.
The Company provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies.
GBT is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “BLOC.” Additional information relating to GBT is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com, as well as on the Company’s website at www.globalblockchain.io.
About Decent Tech Inc.
Decent Tech Inc. is dedicated to creating solutions to real-world problems that are based on decentralization and blockchain technology. MEvU is the Decent Tech Inc.’s initial application of these principles to use consensus-based results to verify outcomes and facilitate peer-to-peer wagering.
For additional information about MEvU, please visit www.mevu.bet.
Cautionary Note Regarding Forward-Looking Information
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