Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Blockchain

While you were asleep: Australian start up makes $2.5 million in 6 seconds on IDO

Published

on

 

A crypto platform Crypto Gaming United (CGU), which has joined the Australian crypto exchange TimeX on the 18th of October, made $2.5 million in a record-breaking six seconds since public token trading began. One of the co-founders of the project is a crypto-currency, DeFi and blockchain app entrepreneur Sergei Sergienko born in Russia.

CGU operates on the principles of uber-economy. Gamers don’t need to spend money on the initial purchase of NFT-characters. The platform rents them out to players in exchange for a share of their daily income. Meanwhile the games themselves reward players with income proportionate to their in-game skill and performance.

The open market sale of GCU’s tokens became the third and final investment round. For context, previously the seed and pre-IDO rounds had ended at $5 million and $10 million respectively. The tokens released during these rounds have a blocking period with a 3 year rights transfer schedule. This means that CGU’s tokens are now only available on the secondary market.

There were 10 million the GCU tokens available for sale in total, at the price of $0.25 each. In 6 seconds after the market opened, all tokens had been bought out.

Advertisement

“Success of every project is always measured by the market. We never expected the demand to be high enough to sell all the tokens in under 6 seconds. This makes it even more pleasant to realize the importance of the gaming crypto platform CGU to the market, and to feel the support coming from the project’s community” – the co-founder of the project Sergei Sergienko notes.

The next step for CGU according to Sergei is committing to the plan publicized in the token’s emission prospect – the company intends to increase the number of active players on the platform to a hundred thousand in the nearest future. The gathered funds will also be used for creation and development of CGU and DAO communities for the project.

Overall, Crypto Gaming United attracted $17.5 million during the 3 investment rounds. The total volume of CGU’s emission is 1 billion tokens, 26% of which belong to investors.

Blockchain

Bybit Receives Georgian VASP License, Strengthening Global Regulatory Presence

Published

on

bybit-receives-georgian-vasp-license,-strengthening-global-regulatory-presence
Continue Reading

Blockchain

Accredited Solutions, Inc. Announces Strategic Acquisition of GlobeTopper, a $37M Revenue Platform Acquisition to Anchor Fintech Strategy

Published

on

Continue Reading

Blockchain

DIGZAX Enhances Collaborative Security System, Pioneering New Heights in Cryptocurrency Trading

Published

on

digzax-enhances-collaborative-security-system,-pioneering-new-heights-in-cryptocurrency-trading

DIGZAX

Continue Reading
Advertisement
 title=
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE