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Interview with Oleg Torkhov, Co-Founder and CEO at Betex Lab Limited, a Hong Kong based company powering the Betex project.

What is the BETEX platform?

Betex is a leading-edge platform for P2P financial derivatives trading. It enables users to place bets on future rate changes against each other. As a platform provider, we cannot engage in betting. Thus, there is no way for us to benefit from it. We only profit from collecting service fees.

What are the differences between traditional binary options sites and Betex?

The traditional binary options websites have such a model, within which traders bet against the broker. Thereby, the trader’s loss is the broker’s gain. Brokers operate separately and are not connected with each other in any way. Trader’s reward is fixed and known in advance, in case of the win. The whole trading process is carried out in the broker’s backend, hence, it is not transparent or provably fair. Strike rate and outcome rate are provided by the liquidity provider without any transparency. Finally, to start trading it is required to make a deposit, then wait for withdrawal.

Betex model fixes the disadvantages of the traditional binary options platforms. Thus, within Betex model, traders bet against each other (P2P), brokers receive commission and platform make profit from service fees. Brokers operate with the same trading pairs in the common liquidity pool. Rewards for traders depend on the overall state of the common pool of liquidity. Half of the commission income of the platform is distributed among the BETEX tokens holders.

Trading process is carried out with ERC-20 SBT token. Records are available in Ethereum blockchain. Strike and outcome rates are provided by public sources, given the weight of source that depends on trade volume. No deposits are needed and the payouts are instant and automatic.

What is the role of a liquidity pool in a binary options platform?

The goal is to consolidate maximum liquidity from the derivative markets through forming one common pool of liquidity for each trading asset, instead of creating multiple tiny ones.

What is the current state of the product? Is it ready to go live?

Currently, it is already possible to try the work of the platform in action. In order to clearly demonstrate the benefits of the common pool of liquidity, two samples of the platform were launched as MVPs in the test net: https://Betex.io and https://GoBet.io. There are 3 trading pairs and 6 trading intervals available within the MVP framework. The commercial launch is planned for Q2 of 2018.

What are the details of the pre-sale?

The pre-sale is held in two rounds (04.12.2017-20.12.2017; 10.01.2018-31.01.2018). Only qualified investors who have completed the KYC/AML process will have access to the Betex Token pre-sale. Tokens will be issued in accordance with SAFT agreement after the pre-sale, once they are generated and registered.

What is the total hard cap in USD / ETH?

The hard cap for the first pre-sale round is $1 mln, for the second one — $3.75 mln. The details of the general token sale will be announced later.

What is the founders reward?

2.5% of the platform commission is spread among the BETEX token holders, according to their investments. Founders and team will hold 30% of BETEX tokens.

How will Betex market the product? Will it be done by an internal company or an external one?

It is done by an external company with specialists who have a strong background in the blockchain field. We are also presenting the project at the specialized conferences. Thus, we’ve visited Blockchain & Bitcoin Conference Malta and are preparing for DIBS (Dubai International Blockchain Summit).

What are the three advantages of BETEX token holders?

In this section, investors should be understood as holders of BETEX tokens. The income of the BETEX token holder can consist of the two components: Permanent automatic commission payments in the amount of 2.5% of the total volume on the platform. Each token holder automatically receives a part of this commission accordingly to the number of tokens he has. Possible increase of the BETEX token value along with growing platform turnover. The dependence of possible BETEX token cost on daily turnover of the platform (together with brokers) is presented in paragraph 10.2 of the whitepaper.

How will Betex use the token sale proceeds?

During the two preliminary rounds of BETEX token sale, we expect to attract financing of $4.750 million. This budget is planned for 1 year of active development and promotion of the project. According to our calculations, these funds will be sufficient to implement all the planned technical solutions, obtain the necessary licenses, provide legal support, fund research, finance marketing activities, and cover operational expenses.

For more information please visit:  BETEX

We thank Oleg Torkhov for the interview.