If you still haven’t heard about the Dragon Coin, now it’s definitely the time to familiarize yourself. In short, the Dragon Coin is a brand new cryptocurrency with one distinctive goal – building a currency for casinos and players around the world and helping the gaming industry progress.
Thanks to its low-cost, it works as a tool for casinos. The team behind the coin is compromised seasoned Blockchain veterans and professional online and offline gamblers. With their experience, they’ve been able to bring this project to fruition.
Last December, the organization announced their plans to raise 400 million dollars, a feat that would see the Dragon Coin being crowned as one of the largest ICOs on the planet. Moreover, their main goal is to enter the Asian gaming market and junket industry.
You see, China’s upper class nowadays is being charged between five and seven percent in transaction fees by the junket industry for being connected to ideal casinos. However, the team behind Dragon is looking for a way to lower the cost to one percent.
This would allow China’s residents to enjoy their favorite pastime for a lot less money. But enough about the project itself, we should now say a few words about the team behind it.
The Dragon Team was founded by Paul Moynan and Chris Ahmad, back in 2016. Next year, the co-founders organized a private presale and raised over 20 million dollars.
But even before they managed to raise that money, the team already got in contact with a few partners in the Chinese junket industry. According to them, these partners forked out more than 265 million dollars in a private sale.
While this secret sale managed to spark some controversy – a known gang boss, Wan Kuok-Koi attended the signing ceremony – the Dragon team denied any connections with the Chinese mafia.
Thankfully, you don’t need to be a cryptocurrency expert to understand how the Dragon Coin works. It has a simple operation module that follows these four steps:
· You can purchase any amount of Dragon Coins you want from a number of online exchanges at the moment.
· If you want to use your Dragon Coins in a casino, you need to exchange your regular DRG coins for Dragon Global Chips. Just put “DRG” as an exchange for “DGC.” You can always make this exchange at a casino or a junket.
· You can always convert your casino winning to DRG when needed. Needless to say, you can also ask for a fiat payout.
· Lastly, DRG coins are bought back with a percentage of profits. They are also burned to reduce the overall supply of coins in circulation on the market.
At the moment, we have around 500 million Dragon Coins on the market. They are represented by ERC 20 on the Ethereum.
Junket partner will receive 53 percent of the total supply, while early adopter will receive 12 percent. The team will receive 10 percent and another 10 will go to a reserve fund. A treasury will receive 7 percent, another 7 is reserved for a public sale, and the remaining 1 percent goes to the organization advisors.
They even had a pre-ICO, however, it ended on December 31st, 2017. By the end of the month, we’ll probably see a public crowdsale. The Dragon Coin became available on multiple exchanges on the first January, while the first junkets were launched just a few days ago, on the day of the Chinese New Year.
This a unique project targeted at the junket and gambling industries in Asia. The technology can be used to make deposits both offline and online casinos and players are free to withdraw both cryptocurrencies and fiat currencies.
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