PlayChip - ‘universal gaming token’ is disrupting the market with their reverse ICO!
What is a reverse ICO?
Initial Coin Offerings (ICO’s) are instrumental in fundraising cryptocurrency startups - but what if a company has an established product or service and raising money is not a primarily necessity? What happens then? That’s where a reverse ICO comes into play bringing along an option to utilize for scaling and expand existing product list.
How does it work?
A reverse ICO works exactly like a standard ICO but with established businesses, not whitepaper projects. Companies looking to tokenize the economy of their existing user base and product, can do so with this method. It also allows to decentralize a certain part of their structure, bringing exciting market disruption opportunities.
Reverse ICO’s are similar to initial public offerings (IPO’s) seen in equity markets – but without the painstaking regulatory requirement process. Since this method is relatively new and rarely used, projects that do a reverse ICO receive a lot of attention.
PlayChip success
PlayChip is the self-acclaimed ‘universal gaming token’ from Australia-based Company PlayUp. Since 2014 PlayUp has become a fully-licensed sports betting provider with an existing token that is already been used on several platforms and has a large and consistently growing user base.
While fantasy sports and online betting are some of the most popular events, none have managed to garner a strong and growing user base, as well as key partnerships and licensing deals in the Blockchain, until now.
The success of PlayChip highlights a new trend of reverse ICOs in the cryptocurrency market. Following the success of the Telegram ICO, The PlayChip is a revolution in sports betting and gaming and one of a few that represents a new wave of reverse ICO’s.
Unlike most token offerings, PlayChip is unique in that while most token-issued companies are pitching potential growth and value capture with hypothetical use cases in their white papers, PlayChip is actually doing it. The introduction of Blockchain technology will offer fair betting through transparency and offer a superior experience to traditional sports betting systems with use the PlayChip.
With over a million users worldwide and growing rapidly, 7 platforms live in the app store and a stunning $430 million turnover yearly, PlayChip is set to disrupt the US$3 trillion estimated gambling industry.
In addition to the ICO, PlayChip’s parent company, PlayUp, is conducting an IPO via a reverse dual listing on the Nasdaq and Australian Stock Exchange in H1 2019, thereby offering two potential opportunities to strategic participants.
Digichain Capital is closely following PlayChip, with both companies based in Australia. Digichain Capital is very supportive of the progress Playchip has made so far and the real and existing utility the PlayChip offers. Digichain Capital is looking forward to the IPO and seeing the evolution of fair betting with use of blockchain technology.
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