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Dragon Inc has announced its intention to use a cryptocurrency as a means of moving funds for high stakes gamblers like those who frequent Macau.
Forbes.com explains how the process would theoretically work:
Players can simply buy into the digital currency and acquire tokens. Then they travel to their casino of choice and enter a participating junket. Once there they can exchange their tokens for Dragon Global Chips on the spot using their smartphone wallet. These chips are used to play the various games in the junket and then the player can turn them back into digital tokens when they are finished and when they arrive home, turn the tokens back into local currency. It all seems simple enough and according to Dragon Coin, it could bring the costs down to about 1%. Which would be truly game-changing.
The blockchain technology, with its security and ease of tracing, could also help in reducing money laundering.
Dragon Inc could ultimatlely begin taking advantage of the multibillion dollar online gambling market through its partnership with 7 Luck Casino in South Korea and other Web gambling firms, all of which can link up with a viable cryptocurrency wallet.
- Aaron Goldstein, Gambling911.com
