iGaming platform CashBet, whose platform can be licensed to cryptocurrency casinos, has announced an upcoming ICO. The token sale pre-sale launches on Jan. 24 with a minimum high-stakes commitment of USD 25,000, and the crowdsale won't begin until March 20. CashBet was founded five years ago, and the platform is already live. The upcoming ICO coincides with a plan to incorporate the Ethereum blockchain onto the iGaming platform.
A good sign about the CashBet ICO, besides the fact that they already have a product, is that they are planning to issue their CashBet Coins (CBC) a couple of weeks after the ICO ends. Other startups often leave the token sale participants waiting for the digital coins, which can lead to distrust among investors that the project is in fact moving forward. By providing buyers with the CashBet coins they will be paying USD 0.50 each for to start (the prices rises by USD 0.05 every week of the crowdsale up to USD 0.75), it removes one layer of the uncertainty that can be tied with blockchain projects off the bat.
The CashBet ecosystem is driven by the CashBet Coin, which will be used by cryptocurrency casino operators to "pay licensing and content fees and wagered by players on ... games," as per the company, whether it be blackjack, roultette, cards slots, table games or even bingo.
Hitting the Jackpot?
CashBet describes itself best: a "crypto-ready mobile first iGaming platform." They are looking to capitalize on the rise of cryptocurrencies and mobile gaming, and they say their CashBet coin will help to solve the problems facing the industry of "speed, trust, cost and content." They're designing a "payment channel" to minimize costs, almost immediate payouts to players, and transparency on the blockchain. The platform will be unveiled in stages and seems to facilitate some combination of cryptocurrencies and fiat money for playing and winning conversions.
While it's not unusual for a blockchain startup to promise to disrupt an industry, the CashBet ICO has a few features going for it. They've already got tens of thousands of players and millions of GBP in bets that have already been made on the platform. CashBet also boasts "gaming licenses in multiple jurisdictions."
The upcoming ICO is limiting US participation to accredited investors. Otherwise it's open to all participants who meet their rules, including the Know-Your-Customer (KYL) protocol.