Dean Shannon’s Neds launches ICO for nedscoin cryptocurrency
Australian operator launches its own virtual currency and offers investors quarterly dividends
Dean Shannon’s new Australian business Neds has launched an ICO for its Ethereum-based cryptocurrency, dubbed nedscoin.
The coin has been developed for use as currency within the operator’s proprietary sportsbook platform.
Early investors that purchase nedscoin during its ICO will receive quarterly dividends equivalent to 0.25% of the operator’s sportsbook turnover during that period.
Neds executive chairman Dean Shannon said the token was supported by a business with pre-existing value.
“Unlike a lot of ICO’s in the market we have already launched our business in Australia and have already built the software platform to power the business into new territories,” Shannon added.
The ex-Ladbrokes Australia CEO told EGR recently the platform had “exceeded expectations” after launch, generating A$240m in staking in the first three months of operation.
Shannon added: “Nedscoin offers a situation where both the coin holders and the shareholders’ interests are truly aligned. The shareholders in Neds have invested in the technology and funded the successful launch of the business to date and the nedscoin holders will fund the expansion.”
The operator said it is projected to reach an annual turnover of A$3.1bn (£) by the end of 2019.
Brisbane-based equity firm Altor Capital has been appointed to lead the placement.