More and more industries are exploring ways to employ the positive aspects of blockchain technology into future applications as part of their expansion plans. While the actual nuts and bolts of how blockchains work to integrate business processes may be highly complex, the fact that this approach has been successful on a limited scale has captured the interest of any number of corporations looking to streamline their business.
When it comes to the casino gambling industry with land-based operations as well as online gambling applications, one casino venue in Macau is taking the lead when it comes to blockchain casinos and its future plans.
Why Blockchain Technology For Its Expansion?
DeClub Macau is looking to build the world’s first blockchain casino. As a casino management company in that region of the world, DeClub has already formed a partnership with Malta-based investment firm Wide Rich Global Company to explore how they can make blockchain and gambling work hand-in-hand to develop the next generation of casinos.
As detailed in a recent press release by DeClub, Wide Rich is looking to actually buy the gaming company in hopes of building the “world’s first blockchain-based casino gambling hub with fully integrated online and land-based casinos.” As a way to fund this endeavor, Wide Rich has come up with the idea of using an initial coin offering (ICO) that will be used to first purchase DeClub. The target for this ICO is $1 billion.
Indeed, they create a white paper to add detail to this project. According to Wide Rich, he says. w “The tokenization of chips, casinos and their surrounding entertainment service providers will be able to build a pan-gambling business ecosystem together, so that people with varying business needs–from tourism to business meetings. However, they can all gain easy and cost-effective access to customized and prestigious services on their mobile devices.”
Initial Coin Offering
First of all, Wide Rich’s ICO has many parts. Furthermore, the company issues the “DEC” token. As a result, this gives purchasers the right to host. Also, you can invest in cash lending pools. At the same time, DeClub uses its own token. Moreover, the “NNC” as stablecoins covers goods and services at casino locations.
Indeed, there is one pending issue with this plan is Macau’s fairly strict anti-ICO policy. Furthermore, the Monetary Authority of China prohibits banks from providing services to any entity in the crypto industry’. However, the loophole is they ban private sectors from The ICO.
First Time Combining Crypto’s
According to this report, this would not be the first time the idea of combining cryptos with the casino industry. Last year, Dragon Corp introduced an ICO that intended to raise $500 million with the use of the Dragon Coin to build a floating casino. The plan died on the drawing board after one of the main contractors involved in the project dropped out. In response to this current proposal, Macau’s gaming regulator made it clear that cryptos will not be recognized as legal currency in Macau to throw another wrinkle in Wide Rich’s ambitious plans.