SAT, 29TH APR 2017

In-Depth Analysis for the gaming industry

NEWS 20 March 2017
Edgeless.io $2m crowdfunding leads the way for Ethereum-based gambling
By Caroline Watson
Edgeless.io has raised over $2m to date, making it the most successful Ethereum-based gambling ICO in history. The company raised over $1m in the first week of its ICO crowdsale, giving the team a green light to start development.

The Lithuanian-based, start-up virtual casino has attracted over 700 supporters in the sale of EDGELESS tokens (EDG), now standing well ahead of previous record holders VDice. EDG token holders have the opportunity to take part in a monthly profit sharing lottery with a prize fund equivalent to 40% of casino profits.

Edgeless casino plans to launch the first fully verifiable casino with 0% house edge in a bid to “bring trust back to online gambling”.

Gambling is commonly understood to have played a key role in popularising Bitcoin it its early days, at one point it was responsible for over half of all transactions made on the Bitcoin network.

The success of the crowdsale has prompted some in the community to ask whether this could be a pivotal moment for Ethereum. Early visualisations of the Bitcoin network show that the gambling site Satoshi Dice played an important role in early growth of the cryptocurrency.

Speculation surrounds the notion whether Edgless will have a similar impact on Ethereum network as Satoshi Dice had on cryptocurrency. Increasing transaction volumes and wider engagement with the currency would be of enormous benefit to the overall community.

Co-founder of Edgeless Casino, Tomas Draksas comments: “It is a great time to be in the Ethereum gambling industry because the cryptocurrency is still relatively new and yet it’s features are literally game changing. A universal currency that offers, fast, hassle free transactions – who wouldn’t want that? - and now of course Edgeless casino is offering fully verifiable game play and 0% house edge, these are significant draws for the wider gambling community through which we hope to attract more gamblers into Ethereum.”

Due to its current success, Edgeless is now in a strong position to launch, with the crowdfund closing on 21 March.
RELATED TAGS: Online | Industry | Marketing | Financial
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