Dragon Corp., a Macau-based gaming company, is looking forward to raise $500 million through the initial coin offering (ICO). The company aims to integrate the blockchain technology into the gambling industry.
VIP junket operators will utilize the token issued in the ICO. They are middlemen, acting as facilitators for casino. They will operate as representatives of casino operators and offer credits on their behalf.
In the gaming sector, the cryptocurrencies were largely utilized in online gambling only. Wi Holding and Dragon Corp. are planning to bring the blockchain technology to casinos.
Chakrit Ahmad, CEO of Wi Holding, the firm behind the blockchain technology stated that it is the first time when public would invest in a public junket or become stakeholders of a casino. He added that public will utilize blockchain technology by becoming a shareholder in a junket and generate revenues from that. The revenue can be plugged back into the token.
The funding raised from token sales would be utilized in part for construction of the Dragon Pearl Casino Hotel. The 16,000 square meter floating structure of the hotel is currently under construction in Norway. It will be deployed in Macau in 2019.
The group also planned to introduce debit card or ‘social wallet’ which can hold digital currency. This will enable players to withdraw money from ATMs.
Ahmed outlined that they aim to provide liquidity through their own exchange. Moreover, the group will also provide multiple exchanges for the digital currency. So players will able to cash out money in Thailand, Hong Kong, or anywhere in the world.
People’s Bank of China issued an order to shut down cryptocurrency exchanges in the country. Ahmed said that tokens will be issued in Hong Kong, so Dragon’s ICO will not be subjected to crackdown.