A Macau based company, De Club, appear to be intending to launch an initial coin offering (ICO), in the hope they can raise a cool $1billion, which will be used to purchase existing casinos in Macau and land based casinos in other parts of the world.
An initial coin offering if you are unaware is a way for any start up company or for that matter an existing company to raise finance by launching their own unique cryptocurrency, often on the blockchain of an existing one.
Investors can purchases the coins or tokens generated by an ICO in the hope that the business concept behind them proves to be successful, and if so they can then sell on those coins or tokens at a later date for a profit.
What De Club is aiming to do is to partner with a company called Wide Rich Global Company Ltd, which is based on the island of Malta which specialises in technology and management services for licensed casino venues.
If all goes to plan and there is the demand for their cryptocurrency, they are planning on using the funds raised in several different ways.
They want to initially apply for, and be granted, a Macau junket promoter license, and also wish to use the funds to purchase land based casinos in Macau itself. They will also be looking to buy out existing casinos that are based in places such as East Asia and the Caribbean.
However, many investors have become wary of cryptocurrencies as they can be a volatile form of investment. However, those that are backed by a solid business plan and concept can and often do produce some very healthy profits for investors who invest early.
