DigitalX rides crypto wave with Initial Coin Offerings for groceries and poker
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DigitalX has agreed to manage two more Initial Coin Offerings (ICO) — adding to two announced last week — as the alternate fund-raising platform takes off.
An ICO is like an initial public offering — but instead of offering shares in a company, an issuer offers digital tokens that can be traded on cryptocurrency platforms or for digital services.
DigitalX — which is carving out a business managing ICOs for other companies — will launch offers for grocery platform INS Ecosystem online poker CoinPoker.
DigitalX’s (ASX:DCC) shares have shot up almost four-fold in the past three months alongside the value of th qorld’s best known cryptocurrency, Bitcoin. The shares were up 9 per cent to 24c at midday Monday.
Grocery platform INS Ecosystem hopes to sell 30 million INS tokens by Christmas at a value of $US1.60 each.
The service plans to offer US shoppers access to purchase goods directly from manufacturers, cutting out retailers. The ICO opens today.
INS describes itself as “the first global decentralised ecosystem directly connecting grocery manufacturers and consumers and harnesses blockchain technology to follow the transfer of goods to their destination”.
Investors taking part in the ICO can get a 30 per cent discount on groceries — though there are no plans to roll the service in Australia yet.
CoinPoker plans to “put the fun back in online poker”.
The online service will set up a poker platform that makes online gaming safer by using smart contract technology to keep players anonymous, and by using random number generation for thorough shuffling.
CoinPoker will issue 375 million chips (CHP) tokens which will be sold for the cryptocurrency Ethereum — not regular fiat money. They expect the cryptocurrency will becomes the platform’s official currency.
Today’s announcement adds to DCC’s growing portfolio of ICOs – last week they announced offerings for BitCar and SingularityNET.