Dragon (DRG), an innovative project that plans to change how casinos process transactions, is due to have a public sale of tokens this month (February 2018).
The public token sale will allow anyone to purchase special tokens, known as DRG ERC20s, that can then be exchanged for Dragon Global Chips (DGC) in partner casinos. The project has its home in Macau, where high stakes games are held in casinos daily. This high-level casino industry processes an average of $250 million.
Dragon Inc has already secured the support of four junket partners. Junkets exist in Macau, and are organisations that facilitate high-stakes gaming. Dragon aims to make their operations easier and more cost-effective, by lowering their costs. Junkets typically see costs of 5-7% incurred as they provide environments for high-stakes play. Dragon says these fees could be reduced to 1%. In addition, players will be able to save money. The repatriation of funds acquired as winnings carries considerable expense.
The process behind the Dragon project has been specially designed to favour both players and casinos. For example, once a player has finished a session at a casino, he or she has a number of options. The player can exchange the winnings for DRG, or for FIAT currency. In addition, players can exchange their winnings for other cryptocurrency, which makes the whole process more flexible. It is possible for a player to keep their winnings in a digital wallet too.
The future for Dragon
The tokens have been allocated so that partners have a significant stake in the future of Dragon. Junket partners have a 53% allocation of tokens. Early supporters (or early adopters) have 12% of the tokens available. The team behind Dragon has 10% of the total token amount, and has opted to keep another 10% in reserve. The rest goes to the public and advisors, as well as treasury.
The significant reduction in costs can be attributed to the use of blockchain technology. In November 2017, the pre-sale raised $20 million through funds via private investors and some institutions. The first group of junket partners was announced in January 2018.
The Dragon project is headed up by Chakrit Ahmad, the CEO. Mr Ahmad has considerable leadership experience, and has worked in software and technology sectors and industries. The co-founder is Paul Moynan, who has worked on high-level investment projects, as well as other projects linked to high net worth individuals.
The Dragon team intends to open up the project by bringing in more Junket partners in 2018. This will add significant value to the project overall. In the second financial quarter of 2018, the currency and blockchain will be rolled out fully into Macau. Macau is the largest casino market in Asia, and has some of the biggest casinos, in terms of the flow of money, in the world.
The public crowdsale will launch in February 2018, after the partner junket deals have been finalised. It is expected to be the largest crowdsale in the world.