CashBet raises $38 million via initial coin offering

Mobile-facing online gaming turnkey operator and platform provider, CashBet, has announced the completion of an initial coin offering that that has seen it raise some $38 million via the sale of tokens for its innovative CashBet Coin crypto-currency.

Alderney and United Kingdom-licensed, CashBet, stated that the exercise represented the world’s largest ever iGaming-focused initial coin offering as participants from in excess of 100 nations took part to purchase just over 142.97 million tokens, which are now being distributed.

The UK operator already has a partnership deal in place with the Greentube online and mobile software technologies subsidiary of Austrian gambling giant, Novomatic, while the operator’s Chief Executive Officer, Mike Reaves, used an official Tuesday press release to declare that the success of his firm’s initial coin offering demonstrated the ‘clear need for compliant [and] user-friendly iGaming solutions.’

“We look forward to continuing to build the CashBet community and deliver on our roadmap to develop the world’s first complete crypto-ready mobile iGaming platform,” read a statement from Reaves.

Established in 2012, the operator also has alliances with London’s Arsenal Football Club as well as domains Lottery.com and ImperialPlay.com and claims that its CashBet Coin crypto-currency ‘democratizes access to world-class iGaming entertainment’ as it offers punters in ‘underserved markets’ the ability to place wagers on approximately 450 games via partner operators. It proclaimed that its ‘legal, safe and profitable’ blockchain innovation moreover offers players ‘a variety of provably fair content’ as well as speedy payouts and lower transaction costs.