ne betting provider UltraPlay has announced the launch of a cryptocurrency aimed purely at the eSports betting market.

The eSports cryptocurrency, which is an ERC20 Ethereum-based token known as eGold will first be launched onto eSports betting platform Buff88, which is going to be further developed to offer blockchain-based betting. To fund this development, the company has also announced an initial coin offering (ICO) running from 18 December 2017 until 28 February 2018.

In a statement, UltraPlay’s Chief Commercial Officer, Mario Ovcharov said: “We are very excited to introduce eGold to the eSports and crypto community. Together, we can make it the first-choice payment method for eSports betting.

“Having been at the forefront of the iGaming market for 7 years now, we believe that our ICO investors and participants will increase eGold's value and will support our future developments, based on blockchain.”

Participation in the crowdsale will only occur with ETH currency and will happen through audited Ethereum smart contracts.

Ovcharov added: “We are proud to announce that eGold has engaged WINGS Foundation in order to efficiently price and promote the eGold crowdsale event to the maximum number of participants. We would like to thank our advisers and partners, who greatly contribute with their time, knowledge and enthusiasm to the idea of establishing next-generation betting experience, based on the Blockchain technology.”

A total of 888,888,888 eGold tokens will be minted with 25% of all tokens (222,222,222 eGold) being sold in the eGold token sale and presale. The remaining 75% of tokens will be distributed by the company to various divisions within the eGold & WINGS DAO team and to cover marketing costs.