With the ever-increasing number of online users in the last decade, the online gambling industry also has witnessed an exponential growth over the years and is expected to do so even further. As on date, the gambling industry is estimated to be worth more than $550 billion out of which $220 billion worth share being contributed by sports betting alone.
Now with the blockchain and cryptocurrency revolution taking over, the gambling industry is further looking to venture this digital horizon and attract a number of crypto and gambling enthusiasts through the means of new investment tools like Initial Coin Offering (ICO). While clubbing the merits of online gambling and virtual digital tokens, GIFcoin is one such recently introduced ICO, where GIF stands for Gambling Investment Fund.
The GIFcoin ICO is basically aimed at letting its investors grab a juicy share of the staggering profits made by the gambling industry. The GIFcoin ICO is backed by an already functioning betting website and online gambling platform called VitalBet – a fully operational gambling website, which offers some of the most popular industry features like sports betting, In-play betting, live casino, eSports and Virtual Sports.
GIFcoin leverages its ICO proposition by saying that investors have the safety of investing in an already established business having a real project, unlike other ICOs which lure investors just on the mere basis of its ideas. The basic purpose behind the ICO of GIFcoin is to collect funds in order to support further development, upgrading, and popularization of the VitalBet platform. Currently, VitalBet has near 20,000 active online users and looks further to expand its base.
The GIFcoin aims to reward the supporters of this ICO by sharing 80% of profits once a year, that will be generated on VitalBet platform. GIFcoins are basically the ERC20 tokens that are built on the Ethereum’s Blockchain technology, according to the company’s whitepaper.
Behind the development of the GIFcoin ICO lies a dedicated team of professionals having wide and diverse experience in the field of blockchain development, online gambling, front-end and back-end developers, esports experts etc. Moreover, there is also an additional advisory team of professionals with a proven past track record in the field of blockchain, growth hacking and marketing, legal consulting, etc.
The total supply of GIFcoin tokens available is 300 million. As the GIFcoin tokens are based on the Ethereum platform, you can purchase the tokens in exchange for ETH tokens where 1 ETH = 10,000 GIFcoins. The minimum purchase is capped 5000 GIFcoins i.e. 0.5 ETH while there is no upper limit of purchase. Upon purchase of GIF tokens, they will be immediately sent to the users ETH wallet.
The soft cap of the token is 5000 ETH while the hard cap is put at 24000 ETH. The token sale begins today March 16, 2018, and the platform is accepting Bitcoin, Ethereum and Litecoin.