CoinPoker, the cryptocurrency-based online poker room has been making waves since its launch last year. The poker room has confirmed that it will be launching a Stage I Initial Coin Offering (ICO) on January 19 at 10 am GMT.
The plan is to offer 137.5 million CHP tokens. CHP is the cryptocurrency being used by CoinPoker and all transactions carried out in the poker room will require the use of CHP.
For the ICO, CoinPoker is offering 4,200 CHP for 1 ETH. The value has gone up from the original pre-ICO rate that was launched in November 2017. CoinPoker sold 100 million CHP during its pre-ICO and the rate at that was equivalent to 6,600 CHP for 1 ETH.
The pre-ICO was very well received and the 100 million CHP supply ran out in just six days.
The interest for CoinPoker’s Stage I ICO has also been massive. Hundreds have already registered on the early buyer’s list that was open from January 5 to 15. The Stage I ICO itself will be open from January 19 to 26 or until supply is gone. This is just the first stage and will be followed by the second stage where another 137.5 million CHP tokens will be offered. This time it will be sold at 3,500 CHP for 1 ETH. After Stage 2 of the ICO is completed, it will represent 75% of the 500 million CHP tokens on offer.
For those who cannot afford to buy CHP, CoinPoker is not leaving them out. The poker room has announced that 15% of the CHP tokens collected during the ICO stages will be distributed to players via real-money tournaments. The first one of these tournaments is set to
start on January 21. Besides offering CHP, this tournament is offering a Tesla S to the Main Event winner. The Tesla S is valued at €71,000 and is one of the hottest cars in the market.
The buy-in to the Main Event is set at 3,000 CHP but there will be several satellite feeder tournaments which have a much lower buy-in of 300 CHP and give the winner a seat at the Main Event.
CoinPoker has created waves since opening its doors in November. The online poker room has already racked up 30,000 individual registrations on the site and its CHP cryptocurrency has been widely accepted with more than 15,000 people owning CHP on the network. The site reports that 4,000 players are logging on to play poker and using CHP on a daily basis.