Malta-based company looks to ICO to acquire junket license

A Malta-based company by the name of Wide Rich Global is reportedly aiming to raise US$1 billion through an Initial Coin Offering (ICO) in order to buy Macau-based company Declub International and several land-based casinos in Asia.

According to a whitepaper from Wide Rich Global, obtained by Macau Business, the purchase is part of its plans to acquire a junket operator license in Macau and to eventually build the world’s first blockchain-based casino gaming hub.

DeClub is a casino services company offering casino consultation and VIP “membership management” services for clients globally, according to its website.

“We will first provide a fair, transparent and borderless tokenized casino gaming platform for all gaming players where everyone can enjoy VIP service and get the ultimate casino experience,” wrote Wide Rich Global in its whitepaper.

The company said it will be looking to use blockchain-based technology to manage player information databases for land-based casinos and to establish decentralized online casinos.

“We leverage blockchain technology to manage all players information to achieve casino information sharing with guaranteed privacy and security information. Even if the players are scattered in different casinos, they can enjoy the ultimate casino gaming experience thanks to real-time synchronization of information,” the company whitepaper stated.

Under the ICO, Wide Rich says it aims to issue 20 billion DEC tokens on October 15. There will also be a token pre-sale on November 15.

Wide Rich said that 35.5 percent of the company raised will be used to purchase a junket license and land-based casinos. The rest would be used for paying the casinos management, building a token economy, online casinos, contingencies, and expenses including legal expenses.