Originally, most people were pretty skeptical about the Dragon Coin ICO. Of course, when it comes to ICOs, you have to approach everything with a healthy dose of skepticism. This allows you to separate well from bad coins. With so many offerings out there today, you can never be too careful. At first glance, the Dragon Coin has all the makings of a plot to separate naïve investors from their money. But with something like this, you just have to dig deeper.
The aim of Dragon Coin is to transform the Macau gambling industry that’s generating more than 300 billion dollars in profit on a yearly basis. What’s more, experts predict this number to rise in the future. If that doesn’t intrigue you, nothing will.
The Dragon Inc. company behind the coin was founded just a year ago by Chris Ahmad. The company is looking to raise more than 500 billion dollars. That’s definitely not a small amount. The token sale is structured in the following order:
· 60 million dollars in the Angel Round
· 70 million dollars in the Presale Round
· 500 million dollars after the Dragon Coin is issued
These sums can change at any moment, because of the volatility of cryptocurrency market, however, these are the expectation of the team behind the Dragon Coin. So why is Chris Ahmad so confident about raising such a fantastic amount of money?
In high-rolling casino world, people usually depend on junkets to arrange their excursions. Most high rollers want access to tables with a million dollar minimum. In Macau for instance, most money comes in from these junkets.
Now, if you win big, you have to bring all of that money back home with you somehow. That’s where these junkets come in. however, the fee for this is around 7 percent of the total amount you win. And that’s high even for the rich.
The Blockchain technology – or the Distributed Ledger Technology – is the perfect solution for the costly junket process. The Dragon Inc. wants to reduce the fee to 1 percent by removing the middleman out of the equation.
But there are some problems. While the Blockchain is still legal, the Chinese government has still hit the brakes on cryptocurrency utilization in their country. However, Ahmad is certain that the Dragon Coin will be able to get listed in Hong Kong.
The question now is – how do casinos in the country feel about this situation? Once again, according to Ahmad, some of them are already on-board. In fact, four casinos in Macau, and five outside of it have already signed up for the Dragon Coin.
Although we still don’t have any names, Ahmad has assured that he is speaking to some of the biggest casino operators in the Chinese gambling scene. At the moment, the company is not planning to work with any US investors, since the Macau gambling market is their main aim.
So is the Dragon Coin legit or not? There’s still no definitive answer. What appears to be Dragon’s intended use of the Blockchain technology makes sense in the tackling the Chinese junket business and the potential for a network effect.
We still don’t even know exactly how much money the company managed to raise, however, sources close to Chris Ahmad have indicated that more than 260 million dollars have already been committed to the coin.
If those reports are true, the Dragon Coin is definitely on its way to half-a-billion dollars. And if the coin manages to hit that magic number, it will become the biggest ICO to date. These reports managed to sway some people. While you can never be too sure, most people have now warmed up to the idea of Dragon Coin.
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