Betstreak, which is dubbed the first licensed blockchain casino, is set to launch the BST token in an ICO on Oct. 1 with the presale starting in just a few days. The blockchain casino, which is focused on the Asia market, is showing no signs of slowing down despite the regulatory pushback in the region.
Meanwhile, other token sales, such as New York-based TraneAI, are postponing their deals in response to the recent cryptocurrency market volatility. After the ICO, Betstreak wants to expand onto major exchanges, but the recent shutting down of exchanges in China has got to put a damper on those plans at least somewhat.
Betstreak, whose ICO will accept BTC, ETH and LTC, has touched on a part of the USD 46 billion (as of 2016) online gambling market that’s largely been untouched – cryptocurrencies. Only 5% of casinos take cryptocurrencies as a form of payment.
Meanwhile, Betstreak’s white paper boasts that cryptocurrencies could overtake fiat currencies for betting thanks to their ability to take micro payments.
Betstreak is also developing a multi coin platform API (MCPA), which gives users the ability to gamble using their favorite digital token without having to exchange the coin to bitcoin, for example. Betstreak plans to license this technology to other casinos, which would be a major revenue driver for the company.
The irony with a casino gaming ICO is hard to ignore, given the risky nature of some of the shady ICOs that are out there. There’s nothing to suggest that Betstreak is in that camp, however. In fact, in addition to Betstreak there are several gaming and casino ICOs unfolding within a matter of weeks, including Betmaster, HEROCoin and Gimli, for instance.
As for Betstreak, the company is creating 200 million tokens based on ERC20, 60% of which will be sold in the ICO. The blockchain casino will direct proceeds for its sale toward expanding its bankroll to accept larger bets as well as on R&D and marketing. In addition to its own BST coin Betstreak wants to accept Ethereum, Dash and NEM. Winnings are distributed in BST.
Upon attempting to reach the BetStreak site U.S. visitors are met with a notice that they’re not permitted to visit the casino.
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