The World Poker Fund Holdings Inc (WPFH), a gaming development company that deals with event-based social gaming brands and platforms announces on December 27 that it will be launching its own Initial Coin Offering (ICO). Many companies in 2017 have proceeded with creating their own digital currency and launching an ICO to enable investors to buy a stake in their digital currency.

The WPFH will establish a subsidiary known as Celeb Gaming LLC which will be responsible for the creation of its new digital currency subsidiary which will then be used for fundraising for its many projects in the works. The cryptocurrency will be filed under Regulation D 506(c) with the U.S. Securities and Exchange Commission (SEC). This filing will allow investors to the opportunity to increase their income from cryptocurrency dividend payouts.

What Exactly Is An ICO?

An Initial Coin Offering (also known as IPCO or Initial Public Coin Offering) is an unfettered, unregulated method of getting funds raised for the sake of entering a new cryptocurrency business endeavor. ICO is implemented by startups or established companies to bypass the regulated and rigorous capital-raising process requirements by banks or venture capitalists.

The WPFH wants to raise money through its ICO, which entails plan creation on whitepaper stating what the project is about, what requirements the project should fulfill once completed, and how much money is required for the venture, how long the ICO campaign will go on, what type of money is accepted, and how much of the virtual tokens the earliest of backers and investors will keep for themselves.

When dealing with an ICO campaign, a percentage of the cryptocurrency is offered for sale to the pioneers on the project in exchange for their cash or other cryptocurrencies like Bitcoin. During the WPFH ICO campaign, its supporters will buy some of the cryptocurrency with virtual or fiat currency. If the money raised doesn’t meet the minimum funds, the money is returned to the backers and the ICO is considered a failure.

Digital Currency Catered to the Gaming World

Simply put, WPFH is intending to use the $50-million ICO campaign to launch its own cryptocurrency which will cater not just to the gaming industry. According to WPFH Chairman Travis Casper, digital currency won’t only be integrated into casino apps and games. It also enables WPFH to gain a funding mechanism to develop and incorporate blockchain mining technology into their projects. The company has signed a term sheet to gain the intellectual property of an unnamed currency wallet that it intends to integrate into its gaming platforms and applications.

Presently, the ICO-backed cryptocurrency is scheduled for launch by or before 2018’s second quarter. After it’s been launched, it will be traded through the Alternative Trading System (ATS) that’s regulated by the SEC. Also known by the name of MTF or Multilateral Trading Facility, the ATS is composed of non-exchange trading venue that searches for counterparties for the sake of transaction by matching sellers and buyers together.

Apart from acquiring a digital currency wallet, the company is exploring and developing opportunities for cryptocurrency mining that’s focused and aimed towards its social gaming projects and their respective players. The company plans to incorporate blockchain mining into casino games, social games and gaming apps as well.

Tags: Bitcoin, cryptocurrency, ICO, Online Poker, World Poker Fund Holdings, WPFH

This entry was posted on Friday, December 29th, 2017 at 1:56 am and is filed under Poker Industry News, Poker Promotions. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

Comments are closed.