Warning on cryptocurrency ICOs

Even casual observers of the online gambling industry cannot fail to notice the recent surge in new online casinos using cybercurrency and blockchain technology and linking the effort with speculative Initial Coin Offerings (ICOs) to raise capital.

This week delegates at the ASEAN Gaming Summit were advised by blockchain research firm nChain Group CEO Jim Nguyen that is unlikely that more than 10 of the plethora of such companies launching ICOs will be viable enterprises over the next five years.

“I’ve told every venture that has approached me for an ICO that I might consider them if the token has some technological functionality beyond just raising money and if they are securities compliant,” he said.

Other panel experts agreed that the cryptocurrency market will probably stabilise over the next two years, with Bitcoin Cash emerging as the market leader, with many of the rival currencies failing.

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