PlayUp acquires 123bet in world first token-only deal

US-based 123gaming ltd agreed to terms with the Australian gaming company late last month, continuing the strong growth its Ecosystem has seen this year.

SYDNEY, Sept. 7, 2018 /PRNewswire/ -- PlayUp ltd, creator of the PlayChip, has continued its ground-breaking 2018 with the acquisition of US gaming platform 123gaming ltd. The site became the fifth platform to join the PlayChip Ecosystem this year, but it is the pioneering nature of the agreement that is most eye-catching.

123gaming joins the PlayChip Ecosystem in a zero cash, 100% token agreement that is the first of its kind. The agreement will see 123gaming shareholders swap shares for PlayChip tokens, made all the more remarkable by the fact that the token is still in pre-sale and not yet listed on crypto-exchanges.

The acquisition marks the first time an unlisted token has been used as full payment in the acquisition of a US-registered business, potentially heralding the arrival of a new wave of token-based business deals.

123gaming operates 123bet.com, a pari-mutuel horse race wagering platform that offers its exclusive Pick6 wager at over 25 racing tracks across the US.

The announcement ensures the PlayChip will deploy into an Ecosystem of seven live platforms, granting the token a level of utility rarely seen in the history of cryptocurrencies. PlayChip's scope of use and existing user base of one million will stimulate an unparalleled traction that many blockchain-based gaming projects are unlikely to achieve.

The agreement was hailed a success by PlayUp CEO Daniel Simic due to the progressive ideologies of both companies.

"We are passionate about the possibilities that blockchain can open up in the world of online gaming," he said.

"To partner with a like-minded organisation in North America is a fantastic step forward in the PlayChip becoming the universal gaming token. We feel greatly encouraged by the support and faith shown in the PlayChip from 123gaming and welcome them to the PlayChip Ecosystem."

This was echoed by Rob Earle, Founder and CEO of 123gaming, who will take up a pivotal role at PlayUp and head up their North American operations.

"I've long been a fan of the PlayChip and the disruption it will bring to the gaming industry," he said.

"We have always tried to be innovators in what we bring to market. We would only ever partner with a like-minded team. I am very excited for this merger and look forward to expanding the PlayChip and its Ecosystem throughout the United States and the world."

The exciting news continues for PlayUp, who last week announced that its combined user count hit 1 million, a milestone they initially forecasted to surpass in December.

The PlayChip is currently in Pre-Sale and is scheduled for listing on December 19^th, 2018. More information can be found at www.playchip.global.

About PlayChip:

PlayChip is the Universal Gaming Token for sports betting, gaming, fantasy sports, and eSports, at the center 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.

About PlayUp:

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.

About 123gaming:

Established in 2006, 123gaming was the recipient of the eGaming Review Startup Operator of the Year and Skill Gaming Operator of the Year. Based in the UK and USA, the businesses US licenses include North Dakota and Washington State.

123gaming operates 123bet.com  a pari-mutuel horse race wagering platform and 123gaming's propriety product '123racing Fantasy Wager', an innovative skill-based fantasy racing platform. PlayUp will also bring 123gaming's platforms and products into PlayChip's global gaming ecosystem.

SOURCE PlayUp Ltd

Related Links

http://www.playchip.global