Blockchain developer Dragon Inc’s proposed $400m ICO, the largest of its kind, could falter on cryptocurrency uncertainties.
Announcing a reported $265m secured from four junket partners in a private Bitcoin sale, Dragon chief executive Chakrit Ahmad hailed the potential of cryptocurrency to drop junket transaction costs from the typical six percent.
“We provide a better, more convenient and more cost-effective solution for [gamblers],” said Ahmad.
“If they want to exchange their winnings into fiat currency and then carry it themselves, they are free to do so.”
However, with both Bitcoin and ICOs banned in China, the mainland visitors who make up over 90 percent of Macau’s gamblers may be reluctant to back Dragon’s drive to build a cryptocurrency-based floating casino from ICO proceeds.
Macau’s Monetary Authority has already warned financial institutions against dealing in virtual currencies, but Ahmad remained bullish, citing potential investment from Hong Kong, Japan, South Korea and Russia.