Monster Byte shrugs off recent ICO hacking scares in its own offering
News on 28 Jul 2017
News on 28 Jul 2017
The unregulated nature of the market, changes at Bitcoin and recent hacks on Initial Coin Offerings by cyber-currency start-ups (see previous reports) have not deterred investors from taking up tokens offered by Monster Byte Inc., which lists among its ambitions an intention to become a leading b2c and b2b operator and provider of turnkey online sportbooks.
Earlier this month the company made a pre-sale offering for its ICO and sold out in five minutes, selling 2.5 million tokens at a price of $0.11 per token. Two days later the company opened the general sale which has almost reached full subscription level well before the August 8 closing date. Over 5.5 million tokens have thus far been sold, quickly exceeding the $300,000 minimum level set for the ICO.
This was all achieved without access to the US market, where the FTC is tightening restrictions on cyber currencies and ICOs.
Monster Byte is already active in sports betting using the Bitcoin cyber-currency, and chief executive Luke Rose has pledged to engage an accounting firm to audit revenues and expenses as well as produce quarterly reports.
Differentiating his ICO from others, Rose said in a statement this week:
“The ICO landscape is very competitive right now, that’s a fact, and while there are some very good ideas out there, they are simply that – just ideas – so there is considerable risk to invest in them. Our ICO is quite unique in the fact that we are already an established company that’s been operating in the cryptocurrency landscape since 2013, and we also have a thought out capitalization so anyone that invests knows exactly what they are getting into from a financial perspective.”
He added that the Monster Byte online sportsbook will offer facilities to handle different forms of cyber-currencies to attract a more diverse pool of investors.
“We chose the different coins based on all of them having some good liquidity, so we could liquidate after the ICO if we needed to. But with any ICO that’s taking cryptocurrency, you’re at the mercy of the market and with that comes a large degree of variance in the price swings.
“The timing of our ICO unfortunately occurred right in the middle of a potential and contentious fork in Bitcoin, which is adding a lot of uncertainty in the market; that’s been a challenge for us thus far, but we are fortunate that we don’t need to liquidate much of the cryptocurrencies we’ve accepted to date.”
Monster Byte Inc. is concurrently working on launching a new sportsbook at BitcoinRush.io, which it intends to take live by the end of July.
The company eventually plans to offer its software and technology in a b2b business model, providing would be sportsbook operators with white label enterprises and sharing the profits across the Monster group.
