Skincoin Wants to Change Skin Trade Industry with Blockchain Tech, Raises $3M in ICO

| Updated
by Polina Chernykh · 3 min read
Skincoin Wants to Change Skin Trade Industry with Blockchain Tech, Raises $3M in ICO

A cryptocurrency gaming platform will allow players to securely trade their virtual tokens and use them on eSports gambling and betting services.

SkinCoin has raised over 11,290 ETH worth about $3 million during its ICO campaign that started on June 21. Overall, the company has sold more than 67 million of its digital tokens.

It managed to exceed the minimum funding goal of 5000 ETH in less than a day of the crowdsale, but have not yet reached a maximum goal of 100,000 ETH. SkinCoin ICO will run until July 22, 2017.

SKIN tokens can be used to buy and sell in-game skins and make payments at third-party services. They represent visual appearance of a variety of objects belonging to characters. There are some services that let gamers use their skins in online gambling and for placing eSports bets.

According to Bloomberg and research company Eliers & Krejcik Gaming, the turnover of in-game items at third-party platforms amounted to more than $7 billion last year. Meantime, some rare skins can reach a price of $15,000 per piece.

Skins were first introduced at Valve’s game marketplace, named Steam Community Market, to enable users trade skins for different games, such as Counter Strike: Global Offense or Team Fortress 2. The company provided an access to an API, what resulted in thousands of third-party websites trading skins via the platform without any restrictions. This led to an uncontrollable growth of the market, which implied higher risks. Some gamers even lost their money and tried to sue Valve for not controlling third parties.

These issues urged SkinCoin developers to create their own cryptocurrency. The team is convinced that the blockchain technology will ensure transparency and security of skin trading.

“We plan to solve the issues of skin trade on all video game sites. SkinCoin will provide security to players’ in-game assets and protect skin trade platforms from Valve’s claims. Unlike fiat money, SkinCoin is not a means of payment according to legal definition in most countries. Third party sites will be able to process trade transactions with the help of SkinCoin and still perfectly conform to Steam policies,” said SkinCoin CEO, Igor Solomatin.

Another blockchain-based lottery platform, TrueFlip, is now running an ICO that already attracted 879 investors. The startup has sold 3,060,725 tokens of total 14,700,000 TFL, raising more than $3 million or 1238 BTC. More than $1.3 million was generated in just the first hour of the crowdsale. The ICO last for the next 22 days.

Recently, blockchain platform Tezos has raised a record sum of more than $200 million in just the first four days of its token sale. The startup beat the previous record reached by Block.One when it gained $185 million in the first five days of its ICO.

Blockchain News, News, Token Sales
Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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