SX Network Closes $9.5 Million Funding Round
The round was led by Hack VC with participation from CMCC Global, Nascent, FJ Labs, Polygon founder Sandeep Nailwal, and other prominent angel investors
We’re excited to announce today that we’ve closed a $9.5 million funding round!
The financing was led by crypto venture fund Hack VC with several other investors in this round, including funds CMCC Global, Nascent, FJ Labs, and several prominent crypto angel investors including the founder of UMA Hart Lambur, and Betfair Co-Founder Josh Hannah, among many others. Polygon participated as well, providing a $2.5 million grant.
SX Network, creator of the world’s largest blockchain prediction market, is the first blockchain to launch on top of the Polygon Network via Polygon Edge. SX Network is specifically engineered to scale betting, decentralized finance (DeFi), and non-fungible token (NFT) applications with over 20 such projects set to launch on the network.
SX Network fully controls the SX prediction market protocol and its associated decentralized application, SX.bet (formerly SportX). SX Bet has processed $175 million in trades across ~900,000 bets since its launch. With over $100 million of these trades taking place in the last six months, SX.Bet is the largest blockchain-based prediction market in the world.
SX Network’s leadership in decentralized prediction protocols also positions it as the likely platform of choice for prediction-market based governance (known as Futarchy), a solution for effective Decentralized Autonomous Organizations (DAO) governance.
Andrew Young, Project Lead at SX Network, says:
“We are thrilled to welcome these new partners and investors to our project. We are all aligned in our mission to build a scalable platform for Web3 betting, DeFi, and NFT products. Being the first Polygon Edge blockchain to launch gives us a first-mover advantage, which we are eager to take advantage of.”
About SX Network
SX Network consists of three core platforms;
SX.bet — The largest crypto prediction market site that has hosted $175M in trades on sports, politics and crypto markets.
SX Protocol — A smart contract primitive that powers SX.bet and has accrued over $2M in fees for the SX Network treasury.
SX Blockchain — The first layer two blockchain built on top of and in partnership with Polygon, that is focused on scaling betting, DeFi and NFT applications.