..

eSports.com AG Files for Insolvency: Another ICO Fail

Written by:
C Costigan
Published on:
Apr/02/2019

eSports.com AG, a German content website and cryptocurrency effort, has filed for insolvency.


START YOUR OWN SPORTSBOOK - 6 MONTH FREE TRIAL

This was hardly a minor venture.  Last year the company sponsored Counter-Strike: Global Offensive team Astralis for $2 million over a three year period.

eSports.com AG, however, was only started in 2017.

It also got mired in a cyryptocurrency initial coin offering or ICO for its Esports Reward Token (ERT), which could be used to purchase planned coaching lessons and training videos from its website, as well as bet on matches.  The betting component was later dropped.  The company claims it raised $5.8 million for the ICO.

eSports Observer also noted the following discrepancy found with the ICO:

Additionally, the ICO funding site initially claimed that the $20M hard cap was reached at the end of the campaign, but the final total was later confirmed to be $5.8M; eSports.com blamed a display issue for the incorrect sum.

eSports.com AG had also forged a partnership wtih ProSiebenSat.1, a sports business unit of a German media firm.

ProSiebenSat.1 issued this statement regarding the eSports.com AG insolvency:

“The insolvency concerns eSports.com AG. ProSiebenSat.1 has no direct business relationship with eSports.com AG. The joint venture operated jointly by eSports.com AG and ProSiebenSat.1 Sports GmbH (eSports.com GSA GmbH) is not directly affected by the insolvency. Our goal is to continue operating the eSports.com platform in German-speaking countries as before.

“As we are not part of the insolvency proceedings, ProSiebenSat.1 cannot make any statements on this matter.

“The insolvency of eSports.com AG has no impact on the eSports strategy and activities of the ProSiebenSat.1 Group.”

 

Business/Financial News

Are You Ready to Start Your Own Business?

Are You Ready to Start Your Own Business?

Local bookies have had enough! They are fed up with the pavement beating, the running around in bars until 3:00 AM looking for “Vinnie” that owes them $400. This gig should be easier than this and there must be a better way to earn a great income as a bookmaker. There is indeed and no matter how many clients you may have, a pay per head is easily the most affordable way to find an online presence right now. Literally, - in a day or two, start your own book here with www.A1PPH.com.

Argentina Cryptocurrency Trading Crackdown

If you have ever met anyone from Argentina, you probably have heard how difficult it is to get money in and out of that country.  Bitcoin and other cryptocurrencies have helped in recent years, but now Argentina is beginning to crack down on local Bitcoin trading.

Did Bitcoin's Creator Just Move 50 BTC? First Time Since 2009

Rumors that Satoshi Nakamoto, Bitcoin's creator, had moved 50 BTC remain unsupported, claims Zack Voell of CoinDesk.

Cryptocurrency Company Closes Montana Data Center Operation

A digital currency company announced the closure of its Montana data center and the initiation of bankruptcy proceedings.

The Fed’s Unlimited Ammo Highlights Importance of Bitcoin’s Digital Scarcity

The Fed’s Unlimited Ammo Highlights Importance of Bitcoin’s Digital Scarcity

In a follow-up interview, last night on 60 Minutes Powell made comments that underscore the importance of the digital scarcity hard-coded into the Bitcoin protocol. 

Syndicate