CasinoCoin, an open-source cryptocurrency project designed for the online gambling industry, recently announced it is under new management. With that, the project will move forward with a rebranding; while also moving its token and platform to the XRP Ledger.
Back on January 19th, 2021, the project put out a statement making it clear that there were a number of issues that were making it difficult for CasinoCoin to continue.
However, since new management took over in January, the team has now announced that multiple parties have come forward looking to repair relationships and work to take CasinoCoin further.
“We have been able to reach new agreements, define a new clear strategy for moving forward. We also secured considerable additional investment funding – led by the Knox Group of Companies in the Isle of Man – to ensure that we are able to deliver on this new strategy…”
– The CasinoCoin Team
Roadmap Ahead + XRP Ledger Integration
Moving forward, the project will be incorporated as Eminence Ltd. – its new Isle of Man registered business. Eminence Ltd. will operate as the parent company of CasinoCoin and the name will live on, under a new rebranded identity.
Further, this month, the CasinoCoin team will be initiating a swap from the CasinoCoin Ledger (CSCL) to the XRP Ledger (XRPL). This swap is going to happen off-exchange only, in conjunction with XRPL Labs. Their flagship product, the XUMM wallet app, will be used by utilizing an embedded migration wizard. It will easily allow people to import their existing CSCL accounts and facilitate the swap via the app.
CasinoCoin on the XRPL is going to focus on being a fast and cheap payment method for regulated industries. Operating on XPRL will allow the CasinoCoin team to focus on core development, having to no longer worry about maintaining the integrity of the network.
Eminence will support the XRPL by running a validator. Being carried by the XRPL will also make it easier when it comes to 3rd party integrations like hardware wallets and exchanges.
As part of the swap, KYC will be mandatory. The Bankroll Manager (BRM) will be re-released as the new CasinoCoin Wallet once the swap is concluded. Following that, CasinoCoin as a product will be focused on Tier-1 and Tier-2 gambling markets.
“With the considerable new investment that has been secured, we now have enough capital liquidity within the operational business to target a top 15 exchange listing for CSC. Due diligence is currently underway and we aim to be listed on our targeted exchange by June 2021. We know for many of you that this has been a very long and drawn-out journey. CasinoCoin has consumed a large part of our life over recent years and particularly in recent months. We are now certain that CasinoCoin has the best prospects for success than it has ever had.”
– The CasinoCoin Team