Publicly listed companies go for ICOs

Initial coin offerings are in high demand nowadays. That’s why publicly listed companies decided to adopt them. For example, Macau-based Dragon Corp plans a 500 million USD ICO for its floating casino. Germany’s Naga announced a decentralized blockchain trading platform. China’s NEO is successful even though the government is against ICOs. It is clear that investors are crowding more than ever to participate in any ways in this innovative markets. ICOs have been around for a little over 4 years. They evolved so fast that today is a normal thing to see 50 new ICOs a month. Even more, by the end of the year total sales will be close to 3 billion USD.

After accepting the idea of ICO, Chakrit Ahmad, Dragon Corp CEO, explained his company wishes to raise 500 million USD through an ICO. The Dragon Pearl Hotel Casino will accept the company’s coins in exchange for casino chips. Or, as is the case with most ICOs, owners can choose instead to hold coins as they gain or fall in value.

Germany’s Naga, a publicly listed company on the Frankfurt Stock Exchange, is promising a “decentralized platform where gamers can convert their in-game rewards into Apple shares and gold through Switex or leverage their trading prowess with the social network, stock trading tool, Swipestox,”. They further stated that “Naga Coin is the cryptocurrency driving all interactions on the platform from rewards system to settlements. However, unlike most coins, Naga coin is not limited to financial settlements only. It also represents shares in the company and are backed by real assets.”

There are big concerns regarding ICOs. Starting with the lawsuits, like those against Tezos, and ending with government regulation and prohibition. But hope is not lost. Publicly listed companies go for ICOs, many countries take a positive approach to ICOs, so in the end it is all about finding the right balance. Since more and more people and companies are accepting ICOs, finding the right balance has to happen.

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Written by Brad Chillum


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