The current cost to a junket in making the necessary financial arrangements is a minimum of 5%. As for the players, they are typically forced to suffer fees of between 5%-7% for costs related to repatriation of their winnings. The advent of fintech solutions whereby fiat money can be effortlessly converted into digital tokens and then moved instantly within an eco-system whilst being securely tracked, and all at very low cost, offers Macau’s junkets a highly attractive technological solution that will dramatically reduce their high inbound frictional costs.
Indeed digitally tokenizing both stake monies and gaming chips and using a blockchain to record transactions and track tokens, not only presents junkets but also the casinos in Macau and internationally, with an opportunity for step change cost reductions, improved efficiency and higher levels of security in the management of inherent high volume money flows. Through connectivity with our digital value platform, namely the Dragon Platform, elite gamers wishing to visit a junket could easily convert fiat money into digital tokens, that would be securely registered on a blockchain underpinning the platform. A numerical representation of the tokens held at any one time would be shown in the gamer’s smart phone wallet. Whenever necessary, the gamer could ffortlessly convert his Dragon Coins (DRG) to fixed-value digital Dragon Global Chips (DGC) for use in the junket. After gaming, DGC could be converted back into DRG and further converted to fiat money or any other digital currency when needed, all on demand and via the touch screen on a smartphone. If a gamer chooses to keep stake monies and winnings in digital form ready for the next visit to the gaming tables, they could do so, securely and at minimal cost.
08 Dec 2017 - 31 Dec 2017
Token for sale:
Chief Technology Officer
Director of Business Development and Finance at Dragon