Pronounced “hero,” the new Bitcoin trading game was launched to gamify crypto trading with its own proprietary token HXRO. As it stands, the platform has already released its first betting game, allowing users to predict on a five-minute interval whether Bitcoin’s price will spike (MOON) or decline (REKT).
Co-founded by veteran traders Danny Johnson and Dan Gunsberg, Hxro began development in May 2018, with its beta version released on January 1 this year. While the application only currently has 600 registered users, the crypto trading game has since expanded its reach to thousands of other players.
Hxro is designed to be 100 percent geared around the crypto market’s price movement, basically allowing players to place a bet on two cards, MOON or REKT. While the amount of HXRO that has gone into the pool is not disclosed before the wager goes live, players are able to see which side of the cards other users are betting on.
One way of making a more educated bet in the parimutuel game is by reading or engaging in the game’s chat window or joining Hxro’s beta Telegram channel.
As part of the team’s long-term strategy, Hxro has also disclosed plans of expanding its offering into a full-on product targeted at large-scale investors.
In 2018, Hxro completed a $500,000 pre-seed round to be expended in development and is also currently seeking to raise over $2 million through an equity round, while another $500,000 worth of tokens had already been sold, Gunsberg stated. While the firm did not launch an Initial Coin Offering, it has already completed a $250,000 token pre-sale.
As it stands, there are 1.575 billion HXRO token reserves, 325 million of which are still indefinitely locked up, with only 52 million currently in circulation. At press time, one HXRO token is equivalent to $0.08, as indexed on CoinMarketCap.
Currently, HXRO trading is supported on IDEX and Bittrex, generating approximately $15,000 worth of daily trading volume, which is expected to massively increase as the betting game adds more players.
In addition to the currently hosted game, the company also plans to launch more games with different time intervals and currencies, among which includes the soon-to-be-released game called “MUHBAGS,” a game specifically developed for altcoins.