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Unikrn ICO Attains a License for Esports Crypto Betting

Posted on October 26, 2018 | 4:53 pm

Unikrn, a US esports company was able to get a betting license provided by the Isle of Man regulators. This is seen as a crucial step on the company’s journey to getting its cryptocurrency betting service to users around the world. This relatively fresh startup that managed to gain media attention for, among other things, having the backing of the billionaire investor Mark Cuban. Now, it seems that was able to do one of the essential things any crypto business needs to have on its side – it managed to get the regulatory approval for their operation.

In 2017, Unikrn managed to raise about $15 million with backers who included, besides Cuban, Elisabeth Murdoch, Ashton Kutcher, and Guy OSeary, along with a range of venture capital companies. While the sum of 15 million USD is not that high for an investor like Cuban, the commitment was nonetheless a big boost of confidence for the company. Once the platform gets all the necessary regulatory and technical green lights, it will provide a platform for users to bet on all things related to esports. This includes esports teams, players and events. The users will also be able to bet on their individual performances in games like League of Legends, Dota 2 and Fortnite.

Unikrn Backend System

The platform will use the infrastructure belonging to Bittrex which will then allow users to merge gaming and betting activities through the cryptocurrencies the same system uses. These will certainly incorporate bitcoin as the biggest cryptocurrency, but also ethereum and other high-ranking digital currencies. It will also include its own native token, the UnikoinGold or UKG that will allow users to access premium benefits. With this extensive setup, the platform is aiming to provide these services to over 20 countries, covering the majority of Europe, as well as Latin America and Asia.

The company is calling their platform Unikrn Jet and it will be able to process more than 9,000 bets every second. The same system is already live and used for a betting token-based economy, even though the scope of its functionality in regards to ordinary users is not that clear. However, the company’s leadership is more than confident in their product.

Strong Platform Ready for the World

Rahul Sood, Unikrn CEO and co-founders said that the company provides the most advanced wagering technology in the world. This tech was created with the purpose of incorporating cryptocurrencies as well as blockchain principles. Now, thanks to the Isle of Man license, it is preparing to enter a market that is worth over $30 billion. According to him, Unikrn is the first company licensed in this territory that has a permit for both fiat and cryptocurrency betting. He also described the Isle of Man as one of the most respectable gambling regulatory agencies. The same is completely true – the Isle of Man, thanks to its special legal and international status, is well-known for housing many gambling businesses on its territory.

Now, the company is on full throttle when it comes to the development of its next phase. This should begin when it launched live betting services for gaming competitions and esports on its platform. This should take place in October, likely during its last days since the license was recently provided to the company. The transaction engine will also be that of Bittrex and Unikrn also promises a frictionless transaction procedure when converting any supported cryptocurrencies of fiat funds to the UKG.

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