Modern technology has become an important part of today’s developed world. The omnipresence of computer technology is not just a myth, but the reality. Hence, it is inevitable for the new digital platforms to enter almost every aspect of life. Cryptocurrency has grown as a digital payment method some time ago. The innovative technology has not been without controversy. Cryptocurrency and initial coin offering (ICO) have sparked heated debates that are usually polarized. Many people viewed digital currency as a threat that may be a boon to money laundering. Although cryptocurrency is engulfed in controversy, millions of online gamblers are using it.
Initial coin offering (ICO) is an unregulated means by which funds are raised for a new cryptocurrency venture. This raised concerns regarding potential fraud and money laundering activities. Cryptocurrency found its right place in the online gambling sector, but it could not enter the traditional land-based casinos until recently.
Macau-based company Dragon Corp. announced its plan to sell digital tokens via an initial coin offering (ICO). The company’s idea aims at raising $500 million. The money will be invested in a 1,600-square-meter floating cryptocurrency casino at a dockside in Macau. The name of the project is known to be Dragon Pearl Casino Hotel and it is a joint venture between Dragon Corp. and Thai-based Wi Holding. Dragon Corp. is based in the British Virgin Islands, which means that any potential legal disputes will be resolved by British Virgin Islands’ authorities.
Some time ago, Dragon found itself at the heart of a media firestorm after the company was said to have links with Wan Kuok-ko, also known as Broken Tooth. The 61-year-old Kuok-ko spent 14 years behind the bars after being accused of illegal gambling, loan sharking and criminal association. In a recent interview with Business Insider, the CEO of Wi Holding Chakrit “Chris” Ahmad explained that the company has nothing to do with the aforementioned person.
Dragon’s ICO Offers Two Options to Investors
Macau is the only Chinese territory where casino gambling is legal and it is recognized as one of the world’s most profitable gambling venues. Cryptocurrency has appeared on the radar screen of Chinese authorities, who decided to ban the use of the technology within its borders. Nevertheless, Dragon does not expect to be affected by the recently-introduced prohibition as the company’s digital tokens have been issued in Hong Kong.
Macau’s gambling industry is closely related to the so-called junket operators, who work as promoters for Macau’s billion-dollar gambling venues. Under Dragon’s ICO, people from the public sector who decide to participate in the fundraising process will have the opportunity to buy digital coins, which will be exchangeable for gambling chip tokens in the Dragon Pearl Hotel Casino. Investors will be also allowed to keep their digital tokens and wait for their price to reach a record-high level, just like bitcoin did a few days ago. Industry experts remain optimistic that Asia’s gambling Mecca is to embrace the innovative technology in order to set its gambling industry apart from the competition.