PlayGame.com has reached its funding target on Initial Coin Offering (ICO) with its PXG token on the Tokenomy platform that ended on October 23, 2018

The Jakarta-based decentralised crypto-arcade PlayGame.com has hit its ICO target of 600 million PXG token on the Tokenomy platform. They were open for sales from September 10 to 23 for pre-ICO, and went full public ICO from September 24 to October 23 that accepted ETH, BTC, and TEN currencies, closing a hard cap US$600 million PXG just two days before it officially closed.

In the transaction, 1 ETH equivalent to 18,000 PXG during the pre-ICO and 1 ETH equivalent to 15,000 during the ICO.

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With its blockchain-based arcade, PlayGame.com aims to overcome the hurdles such as the lack of transparency, piracy issues, inefficient payment, calculation, and distribution often faced by game developers. Using PXG, game developers and gamers are guaranteed transparency within all activities and transactions.

PlayGame now plans to accelerate its business using the newly earned amount. The company expects to have their wallet service launched by end of November 2018 and full service offerings that will include crypto payment gateway and derive its account services, wallet, and trust protocol with the SDK in beta phase by January 2019.

By the company’s Q3 next year, PlayGame.com will be launched on a global level together with the introduction of the PXG virtual lending machine.

PXG is an ERC20 cryptocurrency token that features a smart contract platform, allowing game publishers, developers, crypto-enthusiasts, and gaming communities around the world to monetise the use of cryptocurrencies with no deduction to their revenue.

It claimed to be the first-of-its-kind direct-to-play HTML5 gaming platform where players can play HTML5 games from any device. It also does not require them to download any of the game.

“ We utilise healthy competition on the CPI (Cost-Per-Install) war, where independent studios and talent ls can collaborate and develop free-to-play games with long development timelines. We believe this is one way to address challenges among big game studios, who are experiencing dwindling numbers in terms of players and revenue, ” said Anton Soeharyo, CEO of PlayGame.com .

PlayGame.com has set a limit to the number of PXG tokens at only 1,000,000,000 (1 billion), PXG users can deploy and execute smart contracts through the Ethereum Virtual Machines (EVM), further enable complex issuance rules for cryptocurrencies and the automation of incentive structures.

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The company that was founded in 2018 plans to expand to the rest of South East Asia, Japan, Korea and China by the end of 2019.
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Photo by Element5 Digital on Unsplash

The post Blockchain-based arcade PlayGame closes ICO at 600 million PXG, now fast-tracks its business appeared first on e27.

Source: E27