Nick Chong · 58 mins ago · 2 min read
Social Casino Game to Bet on Cryptocurrencies
Europe-based KamaGames will launch its own token to allow its more than 100 million players a new, easier alternative to purchasing in-game chips.
Trading in Ethereum for Chips
KamaGames, a European operator of social casino games, is set to make purchasing in-game currency simpler than ever as it prepares to launch its own blockchain token, dubbed KamaGames Token.
According to VentureBeat subsidiary GamesBeat, KamaGames Token will utilize both existing blockchain technology and Ethereum and will be available as a collection of in-game chips.
KamaGames initially intends to offer $25 million worth of tokens, which can be purchased via fiat currency of Ethereum..
Additionally, the company shared that in-game chips will grow daily, delivering 11 times its original purchase value in virtual chips if held for 36 months, and players that leave their tokens untouched will be rewarded; however, KamaGames Tokens can only be cashed out for in-game currency.
Andrey Kuznetsov, CEO of KamaGames, told GamesBeat:
“This is a way for our players to buy in-game currency more cheaply. We are not looking to raise funds.”
Kuznetsov however, also noted that players have been requesting cryptocurrency as a method of payment.
Once the KamaGames Token is launched, holders with a player account will be able to link their tokens and account to receive daily bonus chips as well as other discounts, rewards and services that the company might make available at a later date.
In an interview with GamesBeat, Kuznetsov added:
“We want to be on the cutting edge of technology. We’ve decided to take this first step. If our players like discounts and offers, they may pay in cryptocurrency. This is another instrument to retain players and make them more loyal to the game. … We are not targeting investors or people who want a speculative gain. It has no investment value. I see it as a proxy for chips, a fancy way to store it.”
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