Social mobile poker operator KamaGames has announced a move to embrace cryptocurrency, with the launch of its KamaGames Token (KGT) designed to reward existing players and further drive its attraction for new users.
Using existing blockchain technology and the Ethereum platform, the $25m sale will see KGT’s sold as a collection of in-game chips that can be exchanged for in-game virtual currency only, hence the term token sale and not initial coin offering (ICO).
Using official accounts to redeem free chips awarded daily, as well as other discounts, bonuses or services made exclusively available to token holders, KGT’s will deliver an eleven fold increase in value if left untouched
It is detailed that the token to chip exchange rate is guaranteed to be increased by KamaGames at a rate of 25% each month during the first 36 months and at a linear interest rate, meaning that:
- At purchase, each token will equal 7,000,000 chips
- In 6 months, 1 token’s guaranteed worth will equal – 17,500,000 (X2.5)
- In 12 months – 35,000,000 (X5)
- In 24 months – 56,000,000 (X8)
- In 36 months – 77,000,000 (X11)
CasinoBeats spoke to Andrey Kuznetsov, CEO of KamaGames, to delve further into this latest launch, and to find out if social casino and blockchain technology can be a match made in heaven.
CasinoBeats: Was this a logical next step in the development of KamaGames?
Andrey Kuznetsov: As we’ve said in a number of interviews and lectures around the world, KamaGames are committed to exploring and embracing new technologies, and new ways to engage with our players.
Our goal is to be the social casino operator with the most comprehensive portfolio of social casino titles in the world, and we are definitely taking some significant strides towards that goal.
“Any money generated from the KGT sale will be put straight back into product development”
As an operator, we are continuing to expand at a strong and steady pace. We’ve shown impressive growth for the last nine quarters through the launch of new products, updates to the entire portfolio with the introduction of news modes, personalised sales for players and many many more things to make KamaGames stand out in the social casino landscape.
Any money generated from the KGT sale will be put straight back into product development, and into bringing more players into our games. Over the next 6 months we are going to be launching more new products, several new platforms, a number of high profile partnerships and of course a number of portfolio wide updates too.
CB: How well do you believe blockchain technology and social casino can work together?
AK: From what we have seen so far we believe the two technologies can complement each other well, but its still very early days and therefore not considered mainstream yet.
Unfortunately, we are still technically limited in implementing a fully decentralised poker game as it requires a much higher transaction speed, we’ll need to remunerate miners and the RNG generator may become predictable (easier to calculate) which can make the game less interesting.
We hope that our own experimenting with the technology, will be the start of the wider industry engaging more in blockchain/crypto and making it work for them as operators.
“The KGT will not be affected if something happens to the main global cryptocurrencies”
CB: What benefits will this development bring to KamaGames players both current and new?
AK: It’s a simple one, existing players have the opportunity to purchase our in-game currency at a significantly lucrative rate, and to receive additional bonus chips every day for the next 6 months along with any other discounts, bonuses or services that we will make available exclusively to token holders in the future.
Regarding our new players, We do see a significant percentage of the KGTs we make available at launch being purchased by our top tier, VIP players, but we are also interested in attracting new players too. We already have nine high quality games, (a number of which are absolutely unique such as our latest addition, 3D multiplayer craps) and our aim is to launch more games before the end of the year.
This combined with the host of new new features and content to our existing portfolio, and this great opportunity to purchase our virtual currency at a reduced rate, should be more than enough to entice new players to come and give us a try.
We are one of the world’s leading social casino operators. We have an established portfolio of games that have been played by over 100+ million players, and that number is growing as are the games in the portfolio.
The KGT will not be affected if something happens to the main global cryptocurrencies such as ethereum and bitcoin. New players simply have nothing to lose if they want to give any of our games a try as they are of course free to play, but if they want to join in the token sale, each KGT costs just $1.00.
CB: How does this news keep in line with the KamaGames mentality of always being ahead of the game?
AK: As we said before, we are the first to market with such a concept and an opportunity for our players. We are ahead of the giants in the industry, Zynga Poker and World Series of Poker who have both yet to offer an opportunity to buy chips using crypto tokens, and neither of them offer the ability to buy in game currency using cryptocurrency such as bitcoin, ethereum and others.
CB: Blockchain technology and cryptocurrency are huge points of discussion, is this introduction being done with an eye on further (potentially larger) developments down the line?
AK: We always have one eye on the future and have an incredibly strong product roadmap as well as a solid future plan for the company as a whole.
We have mentioned in the past that we do see a potential STO or M&A in future and so yes, a full STO with Security Token and Equity offering may follow at some point.
Obviously it is possible that the participants of the KGT sale could potentially be given priority, and even possibly receive a more beneficial offer at that time.
However, at this point, we are not offering an investment instrument or any kind of speculation. We are simply giving our players the opportunity to purchase our in-game currency at a significantly lucrative rate, and to receive additional bonus chips every day for the next 6 months.