News and Announcements
Neds to Be the Latest among Australian Wagering Startups to Launch ICO
- Published April 11, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Australian wagering startup Neds that was launched in September 2017 has made known its intention to raise capital through ICO.
- The company is hoping to Raise at least $55 million, most of which will be channelled back to customers and establish the company in the global arena.
- Neds has opted for ICO as an alternative to traditional methods like equity and venture capital.
Neds, an Australian startup for betting and wagering, which was launched in September 2017, has made known its intention to launch its ICO as per the latest update in the cryptocurrency segment. As a brainchild of Dean Shannon that had been created to test his own potential in the betting segment, Neds is expected to raise at least $55 million courtesy of all parties involved.
As per the Chief Digital Officer of Neds, Chris Ward, the idea for making a foray into the cryptocurrency space through an ICO burgeoned soon after the startup’s launch in December. At the time it was meant to serve as a platform wherein interested parties could not just place bets but also deposit and withdraw funds using Bitcoin. To this effect, the company also launched a dedicated website in February to facilitate this, but unfortunately, it had to be shut down owing to orders from the regulatory authorities.
During its first three years of operations, Neds recorded a turnover of $233 million and at that time the startup needed a fresh way to generate funds. Cryptocurrency emerged as a possible option as an alternative to traditional channels like equity and venture capital. By the time, several businesses had been successful in the ICO space so it appeared to be an attractive option.
Currently, the company is awaiting a decision from the regulatory board and is ready to power its website at the first indication of a green signal. Having raised the requisite amount, the company intends to channel the money back into the business wherein it will eventually find its way back to the customers while enabling the business to grow on an international scale.
About Nedscoin
Neds International is an established, licensed and operating bookmaker with turnover of $233 Million in its first three months of operation and is projected to turnover in-excess of $3.1 Billion by 2019. A first of its kind opportunity to earn income of 0.25% of the turnover of Neds International global sportsbook businesses via nedscoin.
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