Blockchain Cloud Platform Targeted As Playkey Raises $10.5 million in ICO

Announcements, Blockchain, ICO News | December 8, 2017 By:

Russian gaming platform Playkey has raised over $10.5 million in its initial coin offering (ICO), which ended on December 1. It raised an additional $3.9 million in a presale in October.

Playkey released 100 million PKT tokens and made 60% of these available for sale. The company said the amount came essentially from individual investors, but three investment funds — Uncharted Capital, Allrise and G2H2 Capital — also got involved, buying over $1 million dollars worth of tokens each.

Playkey allows anyone around the world to play unlimited top-rated games without downloads or installations. Right now, the service has about 1.5 million users on centralized servers, but plans to launch a blockchain-powered cloud platform next year. Playkey enables gamers to contribute their GPU power to mining efforts to create PKT tokens, which pays for their gaming habit.

Playkey CTO Alexey Lykov stated that in the long run the value of Playkey tokens will be determined by market forces. The Playkey Foundation will make its own corrections as the managing entity.

“Within the framework of our business model we assume that the demand for PKT will increase over time,” said Lykov “At first the tokens will be used to pay for playtime on the service, but eventually they will also be used to make in-game purchases, etc. We’re going to motivate players to use PKT more often, and we are optimistic about the growth of the cryptocurrency’s value in the long term.”

Playkey CEO Egor Gurjev said making over ten million dollars in a couple of months is a challenge, but it was also proof of the quality of their product and their company’s performance.

“During this time we participated in top blockchain conferences all over the world, from CoinAgenda Global in Las Vegas to the World Blockchain Forum in London, won Startup Sauna in Singapore, formalized a partnership with the South Korean Coinlink market, and obtained support from professionals from industries ranging from blockchain to virtual reality (VR),” said Gurjev. “The money we earned will go toward developing Playkey’s P2P model and expanding into the American and Asian markets.”