Universal gaming token PlayChip has acquired 123gaming in an unprecedented, zero-cash, 100% token transaction.
US-based 123gaming Ltd and PlayChip, a gaming token for sports betting, gaming, fantasy sports, and eSports, have signed an unprecedented deal, namely, the world’s first zero-cash, 100% token agreement.
In a statement, PlayChip said 123gaming is the fifth platform to join its ecosystem this year in a pioneering agreement that will see the latter’s stockholders swap shares for its tokens. But what makes the deal more exciting is that the PlayChip token is still in a pre-sale state is not yet listed on any digital currency exchange.
PlayChip Foundation CEO Daniel Simic commented:
“We are passionate about the possibilities that blockchain can open up in the world of online gaming. To partner with a like-minded organization in North America is a fantastic step forward in the PlayChip becoming the universal gaming token. We feel greatly encouraged by the support and faith shown in the PlayChip from 123gaming and welcome them to the PlayChip Ecosystem.”
He described the agreement as a success, considering the progressive ideologies of the two companies.
The deal also marks the first time that an unlisted token was accepted as full payment for the purchase of a US-registered company, heralding a considerable potential of a new wave of token-based financial transactions.
123gaming is an online gaming platform which operates 123bet.com, a pari-mutuel horse race betting website that provides an exclusive Pick6 wager at more than 25 racing tracks all over the US.
The partnership also gives PlayChip unparalleled advantage that many blockchain-enabled projects are unlikely to duplicate, as it increases its ecosystem to seven live platforms with an existing user base numbering one million and grants its token a level of utility never before seen in the history of digital currency.
Rob Earle, founder and CEO of 123gaming will be given a significant role at PayChip’s North American unit PlayUp. He claimed to be a long-time fan of the company and the disruption it brings to the gaming space.
“We have always tried to be innovators in what we bring to market. We would only ever partner with a like-minded team. I am very pleased for this partnership and look forward to expanding the PlayChip and its ecosystem throughout the United States and the world,” he added.