PlayChip Calls Off Public Sale Ahead of Confirmed Exchange Listings

The Universal Gaming Token has responded to significant corporate interest by closing its November public sale and rewarding its existing and future active users.

SYDNEY, Nov. 20, 2018 /PRNewswire/ -- PlayChip, the Universal Gaming Token, has announced its decision to forego its public token sale after entering a number of strategic business partnerships, as well as incentivising token utilisation amongst its active user base.

The announcement comes days before the highly-anticipated sale which was to offer supporters their last chance to purchase tokens prior to exchange listing. The majority of the token offering funds raise has come from over 3000 individual and corporate participants, in addition to the formation of key strategic partnerships, mergers and acquisitions, (including the acquisition of 123gaming earlier this year), and a number of high profile sponsorship deals and brand ambassador endorsements, many of which have yet to be announced.

In a welcome and surprise announcement, the PlayChip Foundation has elected to reward the remaining unallocated PlayChips to its most active platform users. Previously, unallocated PlayChips were to be held in cold storage and repurposed after a long lock in. All unallocated tokens will be evenly distributed to the first 500,000 users who complete KYC and AML verification and satisfy simple T&Cs.

"This initiative is significant because we are rewarding and incentivising current and future users of our platforms," said PlayChip Foundation Chairman, Daniel Simic. "We have an established and committed community who are already using our products. Rather than burning our valuable currency, or storing for later use, we have chosen to reward active users." 

The annulment of the public sale comes in light of establishing key strategic partnerships throughout the USA, Europe, and Asia where fellow gaming organisations have been encouraged by the existing ecosystem and functionality of the token. 

"This is great news to our token holders, as it allows us to focus on the delivery of the PlayChip into a dynamic and expanding ecosystem," said Mr Simic. "Growing this ecosystem, and thus the utility of the PlayChip, is the single most valuable task we can deliver for our token holders."

The close of the sale reflects the strong showing of PlayChip in what has been a tough quarter for token sales. ICO Funding fell by 48% according to the Q3 Review from rating agency ICO Rating, with over half of the sales failing to raise $100,000, and only 4% listing on exchanges.

The current crypto bear market highlights a lack of enthusiasm for traditional ICOs as participants have become unwilling to commit resources towards a white paper and development roadmap. Just 10% of Q3 projects had an MVP (minimum viable product), with under 2% with a fully functional product. The emergence of the reverse ICO is set to define the next wave of successful blockchain projects.

PlayChip is also in the unique situation of being attached to an industry-leading reverse ICO and a subsequent reverse IPO, via its first ecosystem partner, PlayUp. As announced in April, 2018, PlayUp is seeking a dual listing on the NASDAQ and Australian Stock Exchange via reverse take over of New Mission Energy (ASX:MBT OTC/MKTS:MNELF).

The Public Token Offering is now officially closed.

For more information please visit www.playchip.global.   

About PlayChip

PlayChip is the Universal Gaming Token for sports betting, gaming, fantasy sports, and eSports, at the centre of an incentivised, blockchain-enabled sports community and gaming ecosystem. The PlayChip Ecosystem consists of seven independent partner platforms with more than a million users across over 70 countries. The PlayChip ecosystem is designed to be secure, scalable, simple to use, and fun, as well as include features to incorporate provable fairness into PlayChip transactions and the partnered gaming platforms, making it the gaming token of choice around the globe.

For more information, please visit:https://www.playchip.global/ or read the PlayChip Whitepaper: https://www.playchip.global/wp-content/uploads/2018/08/PlayChip-Technical-Whitepaper.pdf

About PlayUp:

PlayUp Limited is a Universal Gaming Platform offering Daily Fantasy Sports, sports and race betting, fantasy stables, eSports, and casino table games. PlayUp Limited is the creator of the PlayChip and operates PlayUp.com, ClassicBet, Draftstars, Betting.Club, TopBetta, MadBookie and 123Gaming. PlayUp Limited will deliver the world's first fully-integrated, blockchain enabled global fantasy sports, online sports betting and gaming ecosystem.

As announced on 09 April 2018, PlayUp has agreed to merge with Mission NewEnergy Limited (ASX:MBT, OTCMKTS:MNELF), subject to the approval of the ASX and NASDAQ and regulatory approval requirements. Upon the completion of the merger it is anticipated that the company's securities will seek to re-comply with both ASX and NASDAQ listing rules resulting in the trading of shares on the NASDAQ stock exchange and the ASX.

SOURCE PlayChip Foundation