Date
17 October 2017
A Macau company and a Thai firm are said to be planning what would be the world’s largest crypto-currency initial coin offering. Photo: Bloomberg
A Macau company and a Thai firm are said to be planning what would be the world’s largest crypto-currency initial coin offering. Photo: Bloomberg

Macau, Thai firms in tie-up over US$300 mln ICO plan: report

A Macau company and Thailand-based firm are seeking to raise more than US$300 million through what would be the world’s largest crypto-currency initial coin offering (ICO), Reuters reports.

A document shows that an agreement was signed by Thailand’s Wi Holding and Macau’s China Kingdom Group this week for a planned issue of virtual tokens, the report said.

The money raised is likely to be used to fund the construction of a floating casino hotel.

The deal comes just three weeks after China banned the practice of raising funds through launches of token-based digital currencies.

ICOs were targeted after they fueled a rapid ascent in the value of crypto-currencies this year that has triggered fears of a bubble.

Chakrit Ahmad, chief executive of Wi Holding, said on CNBC this week that the fundraising would not be affected by China’s ban as tokens were being issued in Hong Kong, which has not banned ICOs.

Reuters quoted Tony Tong, founder of crypto-currency investment firm Pacific Financial Services, as saying that Wan Kuok-koi, chairman of Macau’s World Hongmen History and Cultural Association, was a co-investor in the ICO.

Wan, whose nickname in Macau is “Broken Tooth”, was released from a Macau prison in 2012 after serving 14 years for attempted murder, loan sharking and money laundering.

Wan was pictured in the company document reviewed by Reuters holding the agreement.

Separately, Milos Andric, the chairman of Norwegian maritime design firm Brova Idea, told Reuters that his company had been contracted to construct an eco-friendly floating casino hotel in Macau.

Andric said his firm was in the process of conducting engineering for the floating project. 

He declined to reveal the identity of his client, citing confidentiality reasons.

However, a Brova company video seen by Reuters showed its partners as Wi Holding and China Kingdom Company, together with a company called Dragon ICO, the report said.

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RC

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