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GIFcoin, which claims to be the world's first Gambling Investment Fund, continues to chug along despite a rather bearish market in the cryptocurrency space.
The cryptocurrency sector has worked well with gambling, now considered among the most profitable digital businesses in the world today. In 2017 alone, the industry recorded revenues as high as $500+ billion.
But many industry experts warn that the vast majority of Initial Coin Options (ICOs) will prove to be scams in the long run.
GIFcoin has a little bit of a track record as they are tied to Vitalbet.com, an already established betting firm. And when we say "established", we're talking 2015. That's okay for the digital currency industry but can't hold a candle to the likes of Bookmaker.eu (online since 1998 and operating as a call center since 1986), or even SatoschiDICE, now run by one of the first bitcoin millionaires.
The GIF in GIFcoin stands for Gambling Investment Fund. This fund is backed by an already functioning betting website – Vitalbet.com. The idea of the GIFcoin ICO is not to declare that they are crafting something genius but rather to raise capital, which they will then use to upgrade the already functioning product, VitalBet, into a world-class gambling platform. The ICO will also provide an opportunity for the firm to greatly popularize and promote the VitalBet Brand on the most promising betting markets in other jurisdictions around the world. When this is complete, the firm will then devote itself to increasing VitalBet’s client base.
Vitalbet has grown out of another booming gaming-related sector, eSports, but incorporates a wealth of other gambling related platforms including traditional sports betting and casino games.
- Aaron Goldstein, Gambling911.com
