Macau (MNA) – Dragon Inc. initiated this Thursday its main cryptocurrency initial coin offering (ICO) public investment round, to be held until March 15.
The Hong Kong-based company also states on its website that as of today it has raised some US$320 million, with the ultimate goal of raising some US$500 million.
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 available, 53 per cent have been distributed to junket partners and 12 per cent to early supporters, while 7 per cent is reserved for public sale.
Dragon Inc. stated previously that 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.
The company also held its Pre-ICO from December 8 to December 31, managing to raise raise US$815,360, together with 9,5 Bitcoins and some 3,956 Ethereum cryptocurrencies.
Following its Pre-ICO, Dragon Inc. announced it would list its virtual tokens in cryptocurrency exchanges, having announced today that it will list on Europe-based cryptocurrency exchange HitBTC.
Dragon Inc. also said previously it would launch its first junket operations in South Korea before starting the public sale, with company CEO Chakrit ‘Chris’ Ahmad telling MNA today that “junket operations will be announced soon”.
The company is also now aiming to start junket operations in Macau in the second quarter of this year, after having tested its virtual token blockchain technology application via junket operations.