De Club International Company is planning to raise more than $1bn through its initial coin offering (ICO). The money raised will be used to create a blockchain based casino gaming club. The company has given the plan details in a white paper published on its website.
The company is aiming to transform “lengthy and costly payment processing between fiat currencies and chips, as well as the general lack of trust in the casino gaming industry… a thing of the past”.
Details of the project
De Club International is working with Wide Rich Global Company Limited based out of Malta on the ICO and is planning to issue 20bn DEC tokens.
Once the token sale is over, the company will apply for a Macau junket promoter license. It has allocated 35.5% of the funds for the licensing and acquisition of these casinos.
DEC token will be backed by cash and people can convert them into different cryptocurrencies. The company is aiming to have the first prototype for its online platform ready for launch by 2019. The pre-sale for the ICO begins on 15 November.
Meanwhile, DEC will be an ERC-20 token and part of the Ethereum network. However, if the speed issues at the Ethereum network continue, the company may seek other options.
The company will also have a dedicated DEC app that will allow token holders to host games themselves. Additionally, the company hopes to acquire an offshore bank by 2020.
Blockchain and the casino space
There are many other companies who are trying to use blockchain technology in gambling space. One of the main benefits blockchain technology offers is security. All transactions are recorded on the blockchain and they cannot be deleted or tampered with.
Blockchain also makes deposits and withdrawals much faster. Currently, online casinos sometimes take a number of working days to process withdrawals. They also need time to verify the identity of the users, that blockchain can resolve easily.
Privacy is also an issue. People who use online gambling sites do not want their gambling transactions showing up on their bank records. Blockchain technology in online gambling will resolve this kind of issues. Public addresses cannot be linked to a particular person.No personal information is linked to blockchain transactions. The online casino market will also become more readily available. Most online gambling sites don’t offer their services to people of certain countries. Blockchain will certainly change this.
It is evident that the gambling industry will benefit a great deal from blockchain technology.
Disclaimer: We are not associated with or promote gambling in any way.