Online gambling platform, Luckchemy, has kicked off its pre-ICO sale after successfully concluding its private sale. During the private sale, the company managed to secure significant funding.
Luckchemy was reportedly able to raise roughly $500,000 through the private sale. The firm had expected to raise close to that amount. The online gambling platform has launched its pre-ICO, through which it plans to sell 10.5% of all its LUK Tokens. Additionally, the pre-sale will provide the LUK tokens to any interested parties at a 40% discount. This should drive interest for involvment before the public sale begins.
The public sale of the ICO will also feature a discounted price, although the discount will only be 20%. Luckchemy began its pre-sale on April 30th and it will end on May 21st. The public sale will launch on May 22nd.
Luckchemy’s ICO is a huge step forward especially since the platform has previously been criticized and distrusted due to the lack of credibility. It has even been tied to fraudulent activity which typically doesn’t works out well for a gambling or trading platform. It was thus important for Luckchemy to work towards bringing more trust into the iGaming space, thus its venture into blockchain technology.
Blockchain is one of the best solutions for creating systems with inbuilt trust and security which makes it an ideal go-to for Luckemy in terms of solving transparency problems. Its platform is currently based on the Ethereum blockchain. This plays out well in facilitating security for players and also providing full transparency. The platform boasts of diversity and scalability by offering a wide range of in-house products.
Luckchemy’s platform has its own games which include a lottery that has a 99% payout funded by the sale of scratchers and tickets. It also features a Holder’s Draw which is only accessible to company investors. Each month the platform randomly chooses a few LUK holders to receive extra payouts. Luckchemy does this to encourage investor participation.
The company’s ICO will issue a total of 1 billion LUK tokens of which 700 million will be purchasable. The company plans to burn the unsold tokens so that it can facilitate transparency and avoid foul play.