A casino management company based in China’s Macau has announced its plan to offer a $ 1 billion ICO (Initial Coin Offering) in a move to build a blockchain based casino. De Club has been described as a casino management veteran with global experience providing licensed casinos with the latest technologies and management services.
The ICO is set for mid-November with a prototype of the blockchain in the works for early next year. Wide Rich Global Company has plans to purchase De Club once the $1 billion has been raised. The next step in their plan is to acquire a Macau operator license and start land-based casinos across the globe to display a solid earning potential.
ICO Crap Shoot
ICO’S are new phenomena on the world market with several companies using to raise capital in exchange for tokens to be traded for either cryptocurrency or for several goods and services. The De Club’s ICO will be convertible to various actual currencies as well as selected few cryptocurrencies. The company announced that it has started plans to create a global consensus and unifying casinos to securely share the casino clients and assist in the lending-related data through a central network.
The De Club under the premise of compliance with the laws and regulations of the land have decided to plan a dedicated mechanism so that holders can earn through electronic contracts from these controlled and approved table games. But what benefits does this trend bring to the online casino arena?
Benefits of Blockchain to The Online Casino
- This Blockchain technology has the potential ability to bring added transparency to an otherwise shady industry.
- Eradicates fraudsters who may look to delete or alter transactions. This is through the innovative new technology of blockchain that keeps the personal information anonymous.
China to Ban Cryptocurrency
The Chinese government officially banned all cryptocurrencies and the selling currencies and put a hold on all crypto exchanges. In a fight against graft and in an attempt to starve the massive flow of currency being moved abroad and laundered through the Macau casinos.
These corrupt individuals take advantage of the anonymity of cryptocurrency using blockchain technology. The De Club’s plans may be under threat with this new development but may actually pan out into a solid blockchain platform casino industry. The club has insisted on working with the regulatory officials.