Sportiqo launches India’s first sports investment platform
This platform uses its performance ranking system based on an algorithm.
Mumbai: Sportiqo, a blockchain-based fantasy cricket platform has launched in India with a unique choice for users to invest or trade in players, just like stocks.
The unique strength of this highly engaging platform is its performance ranking system based on an algorithm that analyzes a variety of batting, bowling and fielding statistics to assign an index rating to each player.
The growing popularity of investing in stock markets cannot be denied, starting at an early stage for many young professionals. On Sportiqo, when a fan's selected players perform, he/she is rewarded cash ‘dividends’ based on their portfolio. This unique gaming platform enables one to pick and choose top players, basis their knowledge and analysis of the sport.
The sports industry gets nearly $2.5 trillion every year globally, while there are 3.5 billion passionate sports fans.
Sportiqo CPO & Co Founder Anindya Kar said, “India and cricket is a market we really want to explore. This kind of personal interest and audience engagement is unique to cricket here and transforming that fandom into a stock markets format is a unique proposition. When we launched Sportiqo, we were looking for an interactive and entertaining way to engage people while also making it informative so that they get a basic idea of the world of investing and trading. The platform is powered by cutting-edge blockchain technology and deep analytics giving each player a unique value basis several parameters. We look forward to the reaction of cricket fans across India and the world to Sportiqo.”
The platform has been developed to be intuitive and user friendly. The price is determined by expectations of the players’ future performance in the market. The fluctuation in players’ prices depends on the changes in his/her dynamic performance. The player stocks known as ‘counters’ on Sportiqo and the ‘dividend’ rewards are denominated in SPQ, Sportiqo’s in app currency.
Stock market expert Gautam Duggad added, “Educating the youth about investing and trading using cricket is a great idea. India really needs creative options to improve the financial literacy of the masses and Sportiqo is addressing that gap.”
Based on a beta launch, Sportiqo already has nearly 32,000 active users and it is forecasting to raise the figure to over five million active users by 2027.
