South Korea Land-Based Casino into Start Cryptocurrency Gambling
As explained by Dragon Inc., with the use of its Dragon Coin and Dragon Global Chips (chips you can purchase with all the token) the Whole cost will be shrunk to about 0.5% on each side, or 1% in total. How the method works is that players purchase the tokens in the home with local currency and then use them to get the Dragon Global Chips with their cellular wallet whenever they arrive at a foreign currency. After playing, the chips have been traded back to tokens that can be marketed upon returning home for local currency. The same system would be to be utilised in Dragon's coming floating Dragon Pearl Casino and reportedly there are also discussions to introduce Dragon Coins in to online casinos also.
As reported, the strategic partnership will see Dragon Inc. execute its Dragon Blockchain platform in the VIP rooms of 3 casinos in the 7 Luck brand. The playing will be financed from the Dragon Coin -- an ERC20-based token that's issued by Dragon Inc.. The very first of the chambers to execute the technologies is intended to start when April this year.
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According to Forbes, GKL has partnered up with Honk Kong-based fintech company Dragon Inc. to introduce cryptocurrency gambling into its VIP rooms. The name Dragon Inc. might sound familiar because it's a name casino portals have reported earlier as soon as the company launched a First Coin Offering (ICO) for $500 million. The ICO, that we wrote about in November, was started to raise funds for a flying cryptocurrency casino in Macau. And now, the company is to assist GKL achieve exactly the same thing with the help of its Dragon Coin tokens.
Revealing intends to start cryptocurrency VIP matches in its own land-based 7 Luck Casino resorts, South Korean operators GKL (Grand Korea Leisure) are making bold moves to attract what could develop into the future of land-based gambling, particularly in Asia in which high-rollers face tougher government limitations.
First VIP Crypto-Rooms to Open in April
Additionally, it is interesting to note that, throughout the past months, the local authorities in South Korea has not been publicly acceptant of cryptocurrencies, particularly ICOs. Last September, Initial Coin Offerings were banned from the nation, before Dragon Inc. started its campaign. But as the authorities did not really enforce the ban, many sailors could continue investing in overseas ICOs like the Dragon Coin. Reportedly, there is currently a new policy at the making that could let such crowd-funding campaigns back to South Korea, according to Fortune magazine.
South Korea Land-Based Casino into Start Cryptocurrency Gambling
by Cryptocurrency gambling is no longer a distinctive of Bitcoin online casinos. The sphere of land-based gambling is likewise changing and warming up to the idea of exploiting the advantages of cryptocurrencies and yet another South Korean casino is going to establish this quite soon.
The debut of Dragon Coin will be to significantly shake up the sphere of high-stakes gambling in Asia. Many high-rollers in places like Macau come from Mainland China where limitations on money outflow don't enable them to take out large amounts of money out of the nation. This issue is remedied by the use of so-called "junket operators" that make high-roller gambling possible and charge 5-7% to prospective gamblers to the support while those operators themselves even face a cost of about 5 percent.
