March 1st, 2021 – Douglas, Isle of Man
We appreciate it has been some time since the last major communication. But today we are confident that we can bring you important updates. We hope you will be as excited about this as we are.
Back on January 19th 2021 in our last statement, it was made clear that there were a number of issues that were making it difficult for CasinoCoin to continue. Since taking over, there have been a number of – sometimes conflicting – statements by me on how we would progress going forward. Prior to the release, it was rapidly becoming clear that far too many bridges had been burnt over recent years that almost made the situation untenable.
However, since the statement in January, multiple parties have come forward looking to repair relationships and work with the team to take CasinoCoin further. With that, we have been able to reach new agreements, define a new clear strategy for moving forward. We also secured considerable additional investment funding – led by the Knox Group of Companies in the Isle of Man – to ensure that we are able to deliver on this new strategy.
At this point, we are sure the question arises: “So, what is the new strategy?”. We previously made you aware of Eminence Ltd – a new Isle of Man registered business – and that a swap would be initiated from CSC to the ‘Eminence Token’. This will no longer be the case. Under the new strategy, Eminence Ltd will be the parent of CasinoCoin and the name will live on, under a new rebranded identity.
In March, we will be initiating a swap from the CasinoCoin Ledger (CSCL) to the XRP Ledger (XRPL). This swap is going to happen off-exchange only, in conjunction with XRPL Labs. Their flagship product, the XUMM wallet app, will be used by utilizing an embedded migration wizard. It will be an easy flow that allows people to import their existing CSCL accounts and facilitate the swap via the app. This is a change that we are genuinely excited about and we are looking forward to the collaboration with XRPL Labs. This will present a raft of new opportunities in the future.
CasinoCoin on the XRPL is going to focus on being a fast and cheap payment method for regulated industries. From our point of view, the XRPL is still one of the most fitting solutions for this purpose. In recent years community-driven development, decentralization, and the ability to submit amendments accelerated. It will allow the team to focus on the core development, having no longer to worry about maintaining the integrity of the network. Eminence will support the XRPL by running a validator. Being carried by the XRPL will also make it easier when it comes to 3rd party integrations like hardware wallets and exchanges. We are also thrilled about the DEX abilities and opportunities. More detailed instructions on the swap, when and how, will be provided in the following days.
As part of the swap, KYC will be mandatory. The Bankroll Manager (BRM) will be re-released as the new CasinoCoin Wallet once the swap is concluded. Following that, CasinoCoin as a product will be heavily focused on Tier 1 & Tier 2 gambling markets. I know you’ve been told this many times in the past, but talks are now in an advanced stage with one casino and more conversations are actively taking place in the background with additional operators. Under the new structure, we are also hoping to be able to secure substantial revenue streams via affiliate deals.
With the considerable new investment that has been secured, we now have enough capital liquidity within the operational business to target a Top 15 Exchange listing for CSC. Due diligence is currently underway and we aim to be listed on our targeted exchange by June 2021.
With regards to existing projects previously announced, FUD Limited – also based at the Hubb in the Isle of Man – is working on a number of exciting projects. FUD continues to work with SunCash on the development of a new DLT solution and we continue to share knowledge and expertise on both sides.
We know for many of you that this has been a very long and drawn-out journey. CasinoCoin has consumed a large part of our life over recent years and particularly in recent months. We are now certain that CasinoCoin has the best prospects for success than it has ever had.
We want to thank all of you for standing by me since the start of November. Here’s to what will be a very exciting year, quite possibly the most exciting for CasinoCoin yet.
END OF PRESS RELEASE
For enquiries contact [email protected]