Macau | Dragon Inc. Pre-ICO virtual token offering completed with US$4.7 mln being raised

Macau (MNA) – Dragon Inc. virtual token Initial Coin Offering (ICO) managed to raise US$815,360, together with 9,5 Bitcoins and some 3,956 Ethereum cryptocurrencies, bringing the total value gathered to some US$4.7 million, according to conversion rates at the time this article was posted.

“The main aim of this exercise achieved its success […]. We have approximately 15,000 small dragon holders worldwide […]. This exercise was to get as many holders of dragons as possible. Convert them to be our dragon ambassadors,” the company CEO, Chakrit ‘Chris’ Ahmad, told MNA.

As reported previously by MNA, Dragon Inc. initiated its Pre-ICO on December 8, with the completion deadline extended from December 15 to December 31 due to congestion on both the Bitcoin and Ethereum cryptocurrency networks, and Bitcoin high value fluctuations.

Dragon Inc. stated it had raised more than US$260 million through private investors – mainly shareholders of four local junket operators – in a pre-sale held in November, with Mr. Ahmad telling MNA on December 23 that a total of US$310 million had already been raised by that time.

The ICO enables investors to purchase virtual tokens called DRG to be exchanged by a cryptocurrency gaming chip called DGC (Dragon Global Chips) that can be used at Dragon Inc. partner junket operations or in their planned floating casino, using blockchain technology as a security guarantee.

Of the total 500 million DRG tokens made available, 53 per cent were allocated to junket partners, 40 per cent to early supporters, team, treasury, reserve and advisors, while only 7 per cent were made available for public sale.

In January, Dragon Inc. plans to list the DRGs on cryptocurrency exchanges, and is currently planning the opening of a junket in South Korea with the first tokens made available this month.

The final round of the ICO will be held at a date yet to be disclosed, with Dragon Inc. hoping to raise US$500 million, which would make it the largest ICO to ever be conducted.

“We now list, launch the business (proof of the concept to the world) and then go to the final round of the ICO,” Mr. Ahmad told MNA.

After conducting the trial of its token operations, Dragon Inc. said it plans to bring its operations to the Macau SAR in the second quarter of this year, having previously indicated that the opening of a local Dragon junket would take place before Chinese New Year.

[Edited by Sheyla Zandonai]