Dragon Corp wants to raise $ 400 million in ICO

Game company Macau Dragon Corp. plans to raise $ 0.4 billion through initial coin offering ICO, and integrate blockchain technology into the world’s largest gambling market.

ICO participants will receive a crypto currency, which in the future can be changed to gaming chips. But they cannot count on a share in the casino.

“This is the first time that someone has allowed the public to invest in a public feast or become a shareholder of a casino,” said Chakrit Ahmad, CEO of Wi Holding, Thai blockchain company.

The sale of tokens is scheduled on December 8 and the investors in ‘most countries except the United States, mainland and Singapore’ can take part in it.

Ahmad said that the money received from the sale of digital tokens will be partially used to finance the construction of Dragon Pearl Casino, an ambitious 16,000-square-meter floating structure that is planned to be deployed from Norway, where it is currently under construction, to make its way to Macau by 2019.

Dragon Corp. also plans to develop a debit card or a “social wallet” in which the digital currency is stored, so players can withdraw the currency from the ATM, Ahmad said.

“We mainly provide liquidity through our own exchange, as well as large digital currency exchanges, so that the token will be listed on several exchanges,” he said.

According to Ahmad, the group has already raised $ 265 million.

It is worth recalling that the People’s Bank of China banned the trade in crypto currency in the country and closed their exchanges in early September. However, Dragon’s ICO does not fall under this ban, as coins will be issued in neighboring Hong Kong, another special administrative region of China. In this regard, the organizers of the placement should provide buyers with transparency that meets the requirements of Hong Kong regulators.

In general, the situation is not simple in a legal sense.

In addition, at the ceremony to commemorate the launch of the ICO appeared a famous gangster Van Kuok Koi, nicknamed “Broken Tooth”, who spent 14 years in prison for money laundering and illegal lending.

However, Dragon CEO Chakrit Ahmad hastened to state, “Broken Tooth “does not participate in the work of our company. Are we familiar? Yes, but not close. He came to the event, someone introduced him as prominent in Macao. He does not work with us and does not fund Dragon’s company.

On paper, however, ICO Dragon looks good. The fact is that casinos in Macau exist in a completely different legal climate, rather than gambling houses in Las Vegas, London or Monaco. According to Dragon CEO, the floating casino should become a unique project and a real investment of money. In the future the organizers of ICO plan to enter the gambling market of Macau with a transparent solution based on the blockchain.