πŸ’ Dragon Pearl Hotel launches $ million ICO for floating cryptocurrency casino in Macau

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A Decentralized Currency for Casinos & Players. Dragon Coin, or DRG, is an ERC20 / Ethereum Utility token used to participate in the Dragon blockchain.


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His start-up Dragon does not want to rival Bitcoin and Co. with his own cryptocurrency, but is revolutionizing the casino world β€” at least that is.


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His start-up Dragon does not want to rival Bitcoin and Co. with his own cryptocurrency, but is revolutionizing the casino world β€” at least that is.


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Dragon Corp wants to raise $ million from an ICO that will finance a floating casino in Macau. The digital coins will be exchangeable for.


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A Decentralized Currency for Casinos & Players. Dragon Coin, or DRG, is an ERC20 / Ethereum Utility token used to participate in the Dragon blockchain.


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A Decentralized Currency for Casinos & Players. Dragon Coin, or DRG, is an ERC20 / Ethereum Utility token used to participate in the Dragon blockchain.


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Proceeds from the ICO would go towards the development of the 1,square meter floating Dragon Pearl Casino Hotel. While the Dragon.


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Proceeds from the ICO would go towards the development of the 1,square meter floating Dragon Pearl Casino Hotel. While the Dragon.


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Dragon Coin, a project by Macau based casino operator Dragon Corp, The Dragon Corp has a very simple business proposition – its ERC20 token, DRG, will be used to gamble at any of its casinos. All News Β· ICO News.


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Dragon Corp wants to raise $ million from an ICO that will finance a floating casino in Macau. The digital coins will be exchangeable for.


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We know of him. Macau's casinos typically pay stiff commissions to junket companies for bringing customers to the island, and gamblers pay fees to junkets for arranging their travel and helping them avoid bank transactions. Macau's casinos are surrounded by a legal barrier that makes them very different from those in Las Vegas, London, or Monaco. Once in Macau, the junket then gives the gambler an equivalent stake in non-negotiable gambling chips. China has strict laws preventing its citizens from moving cash out of the country. He came to the event introduced by someone else as a prominent figure in Macau He is not involved in Dragon and he is not financing Dragon in any way. The company that designed the hotel, Brova Idea, hopes to complete it by It's actually a sideshow to the main event: bringing the transparent blockchain ledger into Macau's junket business. Macau's gambling economy dwarfs that of Las Vegas, because it is accompanied by a large shadow financing sector operated in part by the junkets. It's not on land. Chinese law is thus circumvented because the gambler's money doesn't really go anywhere - it stays with the junket in China, plus or minus the difference in winnings at the end. It's much quicker, cheaper, faster, more transparent," Ahmad says. The territory of Macau has not authorised Bitcoin services, China recently banned ICOs, and gambling debts are not enforceable under Chinese law. It's better in all aspects. If you wanted to move it, if economic problems arise, we could move it somewhere else," Ahmad says. We know him. Dragon coins - which will be in limited supply - thus have two sources of demand: Gamblers who buy them to wager in the floating casino, and ICO investors who are buying the coins because they think it will go up in price like Bitcoin or Ethereum. The Dragon ICO essentially solves all that friction. Dragon has already signed four other casinos as partners, Ahmad says. Gamblers will buy Dragon crypto-coins and then exchange those for non-negotiable chips, Ahmad says. So, in order to gamble in Macau, high-rolling customers pay junket companies in China to handle their trips to the former Portuguese enclave. Dragon is also going to charge a fraction of the costs that traditional junkets add. At the end of their trip, gamblers can exchange their winnings for cash, and that money is then handed back to them by the junket upon their return to China. In Macau, the junket acts as a bank, extending the gambler credit, and settling the debt in cash at the end of the trip. Not to a great extent.

Some people think that cryptocurrency initial coin offerings ICOs are a bit of a gamble. The company is registered in the British Virgin Islands, the jurisdiction where investors will have to file if legal disputes arise.

That would be an interesting feat of seamanship because, he says, "it's the size of the MGM in Las Vegas.

These chips can only be spent betting in the casinos, they cannot be immediately exchanged for cash. And, to the embarrassment of Dragon, a convicted gangster - "Broken Tooth" Wan Kuok-koi, who served 14 years in prison for loan sharking and money laundering - showed up at a signing ceremony staged by Dragon to launch the ICO.