The Universal Gaming Token has responded to significant corporate interest by closing its November public sale and rewarding its existing and future active users.
PlayChip Calls Off Public Sale Ahead of Confirmed Exchange Listings
The announcement comes days before the highly-anticipated sale which was to offer supporters their last chance to purchase tokens prior to exchange listing. The majority of the token offering funds raise has come from over 3000 individual and corporate participants, in addition to the formation of key strategic partnerships, mergers and acquisitions, (including the acquisition of 123gaming earlier this year), and a number of high profile sponsorship deals and brand ambassador endorsements, many of which have yet to be announced.
In a welcome and surprise announcement, the PlayChip Foundation has elected to reward the remaining unallocated PlayChips to its most active platform users. Previously, unallocated PlayChips were to be held in cold storage and repurposed after a long lock in. All unallocated tokens will be evenly distributed to the first 500,000 users who complete KYC and AML verification and satisfy simple T&Cs.
"This initiative is significant because we are rewarding and incentivising current and future users of our platforms," said PlayChip Foundation Chairman, Daniel Simic. "We have an established and committed community who are already using our products. Rather than burning our valuable currency, or storing for later use, we have chosen to reward active users."
The annulment of the public sale comes in light of establishing key strategic partnerships throughout the USA, Europe, and Asia where fellow gaming organisations have been encouraged by the existing ecosystem and functionality of the token.
"This is great news to our token holders, as it allows us to focus on the delivery of the PlayChip into a dynamic and expanding ecosystem," said Mr Simic. "Growing this ecosystem, and thus the utility of the PlayChip, is the single most valuable task we can deliver for our token holders."
The close of the sale reflects the strong showing of PlayChip in what has been a tough quarter for token sales. ICO Funding fell by 48% according to the Q3 Review from rating agency ICO Rating, with over half of the sales failing to raise $100,000, and only 4% listing on exchanges.
The current crypto bear market highlights a lack of enthusiasm for traditional ICOs as participants have become unwilling to commit resources towards a white paper and development roadmap. Just 10% of Q3 projects had an MVP (minimum viable product), with under 2% with a fully functional product. The emergence of the reverse ICO is set to define the next wave of successful blockchain projects.
PlayChip is also in the unique situation of being attached to an industry-leading reverse ICO and a subsequent reverse IPO, via its first ecosystem partner, PlayUp. As announced in April, 2018, PlayUp is seeking a dual listing on the NASDAQ and Australian Stock Exchange via reverse take over of New Mission Energy (ASX:MBT) (OTCMKTS:MNELF).
The Public Token Offering is now officially closed.
For more information please visit http://www.playchip.global
PlayChip is the Universal Gaming Token for sports betting, gaming, fantasy sports, and eSports, at the centre of an incentivised, blockchain-enabled sports community and gaming ecosystem. The PlayChip Ecosystem consists of seven independent partner platforms with more than a million users across over 70 countries. The PlayChip ecosystem is designed to be secure, scalable, simple to use, and fun, as well as include features to incorporate provable fairness into PlayChip transactions and the partnered gaming platforms, making it the gaming token of choice around the globe.
For more information, please visit: http://www.playchip.global/
or read the PlayChip Whitepaper: http://abnnewswire.net/lnk/26PCD747
PlayUp is a Premium Betting Entertainment and Technology Group that enriches the lives of people through entertaining, rewarding and responsible online betting. We develop innovative and great online betting technologies in-house to power our brand and deliver world-class user experiences. Our energies are focused on fulfilling the needs of dedicated and passionate users who seek a deeper connection to the games they play.
Today, we successfully operate and power a highly scalable and robust, cloud-based online betting platform that is innovative and unifies the world's favourite betting products including Fixed Odds Sports Betting, Fixed-Odds Racing (Horses and Greyhounds), Daily Fantasy Sports (DFS) and Esports. Additionally, we also host Australia's largest and indeed some of the globe's largest prize pools in DFS, a competitive format of peer-to-peer betting.
We hold betting licences in multiple jurisdictions and currently operate in Australia, USA and India. Australia is currently our biggest market, where we are the largest and most recognised DFS provider in the country and one of the fastest growing fixed-odds providers. In the USA, we have secured licensing and access to the nascent online sports betting market with imminent launch into Colorado and New Jersey.
Mission NewEnergy Limited