ZenSports, a peer-to-peer sports betting DApp built on ICON, has just announced the release of its very own cryptocurrency utility token dubbed SPORTS, meant to streamline the betting process within the app and create a rewards/loyalty program for top tier customers.
The SPORTS Rewards Program aims to incentivize users to place bets with SPORTS. This will in turn allow them to earn discounted betting fees, cash back for reaching certain betting volumes and bonuses for performing other actions.
As part of the launch, ZenSports users will need to use SPORTS to place bets and pay fees for a two week period to help them get familiar with the concept. Once the two week period is over, ZenSports will re-integrate the option of betting with USD, and will add Bitcoin as well, giving customers the flexibility to bet in whichever currency they prefer. However, discounts and rewards can only be earned when betting with SPORTS.
“The ICON team has been a terrific partner, and we’re thrilled to continue working with them in regards to our new utility token. In addition to being a great team to work with, ICON’s technology and network are extremely fast compared to other protocols that apps traditionally build on (such as Ethereum). We feel that our utility token is positioned well to grow and scale as the number one sports and betting utility token worldwide,” states CEO Mark Thomas.
Co-Founder of ICX_Station Scott Smiley added, “We at ICX_Station have been working with Mark since he came up with the idea to incorporate blockchain into his existing app. It has been an incredible journey to watch ZenSports grow from a white paper and an idea to an amazing peer-to-peer sports betting app.”
For full details on how to use the SPORTS token, and its differences with the security token SPORT, refer to ZenSports’ original announcement.