Macau (MNA) – Hong Kong-listed gaming investor Amax International Holdings has announced that it has inked an agreement with a company owned by cryptocurrency expert David Drake to advise the group in setting up projects or businesses in relation to blockchain technology and cryptocurrency.
Initially created to support cryptocurrency Bitcoin, blockchain technology is the digital ledger technology that allows cryptocurrency transactions to be effected, recorded and protected.
Amax will provide LDJ Cayman Fund Ltd. – a Cayman Islands registered company founded by Mr. Drake – with US$75,000 and share options providing some 3 million ordinary shares for advising the company for a one-year renewable period creating projects in these areas, while following anti-money laundering and listing regulations.
‘[Amax] is optimistic about the future prospects of blockchain technology and its application across global communities. Blockchain technology is safer, more usable, more efficient and smarter than traditional technologies. Given the solid background of Mr. Drake in the blockchain industry, the Company believes that the co-operation between the Company and Mr. Drake presents a valuable business opportunity,’ the company announced.
David Drake is described in the announcement as a ‘leader and prominent advisor in the blockchain, cryptocurrency and initial coin offering markets’ with LDJ being a ‘multifamily office which deals in various funds worldwide with over US$1.5 trillion in assets’.
‘Previously, Mr. Drake collaborated on the Jumpstart Our Business Startups Act (JOBS Act) to create new laws underpinning fundraising in the United States for all initial coin offerings. Drake is actively involved in the crypto community as an advisor and speaker and has helped blockchain firms he advised raise US$101 million in funding through their initial coin offerings,’ the filing stated.
Mr. Drake is also currently the chairman of the strategic advisory board of the blockchain division of Cogint, Inc., a US data analysis company.
Most of the gaming company’s revenues come from its VIP room operations in Vanuatu and Cambodia, with the company attempting to diversify the scope of its investments through investments in virtual reality and augmented reality projects and developing intellectual property, technological solutions and mobile apps.
Amax holds 24.8 per cent of Greek Mythology (Macau) Entertainment Group Corp. Ltd., a company that operated the closed Greek Mythology in Beijing Imperial Palace Hotel.
On Thursday Greek Mythology (Macau), together with the former operator of Beijing Imperial Palace Hotel, Macau Hotel Developers Ltd., and four administrators of the companies were sentenced by the Court of First Appeal to pay some MOP4.43 million in fines
The Gaming Inspection and Co-ordination Bureau (DICJ) shut down the casino in 2015, while the Beijing Imperial Palace Hotel saw its operating licence taken back by the MSAR Government at the beginning of 2017.
Local gaming businessman Ng Man Sun is the company’s Chairman and Chief Executive Officer, with his daughter Ng Wai Yee acting as Executive Director.