Macau-based De Club International is working with a firm in Malta to launch an ICO on 15th November, through which it estimates it will raise $1 billion for a blockchain-based casino.
It claims on its website that “lengthy and costly payment processing between fiat currencies and chips as well as the general lack of trust in the casino gaming industry (are) a thing of the past”.
20 billion tokens
The company, headed by CEO Kennis Wong, has partnered with ICO specialist Wide Rich Global, which will help it issue 20 billion in DEC tokens.
According to ArabianBusiness.com, De Club will apply for Macau junket promotor status after it completes its sale of tokens. It adds that the venture has allocated 35.5% of the funds for the licencing and acquisition of these casinos.
The DEC token will be backed by cash and users will be allowed to convert the coins into different cryptocurrencies. The firm is also planning to ready its prototype for its online platform prepared for launch by 2019.
The DEC will be based on the ERC-20 Ethereum token, although other solutions may be sought if the Ethereum network is affected by issues of speed.
The company has a dedicated DEC app that will allow token holders to host games themselves. Additionally, it hopes to acquire an offshore bank by 2020.
De Club claims that the benefits of a blockchain-powered casino are security and immutability. The technology also enables faster deposits and withdrawals. Online casinos typically take a number of days to process withdrawals and also take time in verifying the identity of users. And then there’s the issue of privacy as gamblers usually prefer their casino-related transactions do not show up in their bank statements.