One of the largest token sales ever came to an end yesterday. Dragon Coin, a project by Macau based casino operator Dragon Corp, had already raised $320 million from a private pre-sale.
Its public sale aimed to raise an additional $87.5 million. Whilst the team has not yet divulged the amount raised from the public, most analysts concur that the target was reached.
Tokens Grant Access to Gambling Chips
The Dragon Corp has a very simple business proposition – its ERC20 token, DRG, will be used to gamble at any of its casinos.
More accurately, the blockchain-based DRG coins will first be exchanged for physical DRC coins which in turn are used as chips at its casino tables. Token holders, however, will also be able to use the tokens to watch movies and sport.
Macau is rapidly becoming the world’s biggest centre for gambling, particularly for ‘high rollers’. Many of these gamblers come from China on holidays organised by junket companies.
They manage to circumvent China’s strict exchange control laws by paying the junket company in China and receiving an equivalent amount of chips in Macau.
This process can cost up to 7 percent – but Dragon Corp believes it can bring the amount down to 1 percent through its token, which will likely make the coin an attractive option.
The first project for which the funds have been earmarked is the construction of a floating casino in Macau. Beyond that, the company is negotiating joint ventures in Singapore, Philippines, Hong Kong and South Korea.