Strength in Numbers: Luckbox at the Helm of the Bitcoin Boom
Ernst & Young warned this Monday that Initial Coin Offerings (ICOs), which offer cryptocurrency tokens to raise funds, were at perpetual risk of cybercrime.
Of the 372 ICOs analyzed, raising a total of $3.7 billion, “…roughly $400 million had been stolen by hackers, who were taking up to $1.5 million in ICO proceeds per month,” according to a recent report by the Guardian.
It’s a tumultuous environment, to be sure, with meteoric rises and near free-falls on what seems like a weekly basis and risks abundant. Those ICOs that can assuage lingering investor concerns need to be creative and more importantly, accountable in their approach.
The companies that launch ICOs need to promote strength and security. Perhaps experience and control are two other factors connotative of financial gain, factors our interviewee brings to the table ‘in spades.’
We had the opportunity to speak with Lars Lien, Founder and CEO of Luckbox, an e-Sports and e-gambling enterprise making waves in the cryptocurrency marketplace by doing just that – announcing this week an ICO but beyond it, an unprecedented community and climate of control in what can only be described as an uncontrollable market to date.
This, in addition to their elite, newfound Advisory Board-members adds accreditation, security and perhaps even an opportunity for the intrepid around the world.
“Luckbox leadership entered the e-Sports betting marketplace bearing witness to a tremendous amount of unlicensed and illegal operators in the field,” said Lars Lien via TeleConference from Bulgaria, where he is actively expanding the enterprise’s reach. “My company chose to engage in a wholly-transparent and legal manner conversely and as a rule of thumb best business practice, while committing to enhancing customer experience throughout, through commercial efficiency and limiting ‘payment friction.’ It should be noted that some like-minded providers continue to circumvent those very rules unabated and on a regular basis, setting a poor precedent for a relatively newfound market.”
Accepting crypto-payments serves as a key component of the Luckbox offering and also appeals to a growing demographic entering the Bitcoin arena – 25-34 year olds who remain bullish on e-gambling and e-Sports, perhaps foreseeing the sustainable monetization behind the suite of services Luckbox provides.
“Taking time to understand the market and as importantly, the industry regulatory frameworks around the world that may hinder it, many completely distinct in nature from the other, is no doubt a challenge when launching an ICO with efficacy,” continued Lars. “Banks also remain fearful of this technology and work to tighten those regulatory frameworks; they in future may have to adapt or be left behind, as customers pivot from ‘brick and mortar’ institutional commerce.”
It should be noted that Luckbox will be issuing two tokens – ‘LuckCash’ and ‘LuckProfit.’ Lars is conveying no expectation of profit following launch, however speculation will no doubt occur.
Herein they attempt to offer an as yet unrivalled degree of ‘control’ within the marketplace.
For example, the LuckProfit investment tokens may be purchased by accredited investors using LuckCash, allowing holders of LuckProfit to enjoy a comparative 20% share in the company’s annual net profits. This structure is almost entirely unique in crowd sale offerings and is proof positive of Lars’ confidence in the long-term success of the product.
“This ‘dual token’ structure befits the Luckbox long-term marketing and affiliation strategy, while further distinguishing ourselves as a brand with an accredited Team of thought leaders across diverse yet highly relevant sectors (e.g. Mr. Archie Watt, former Head of e-Gaming, KPMG), maintaining a competitive advantage,” adds Lars.
The Founder and CEO of Luckbox also holds a distinctive ‘call to action’ for U.S. audiences, as the market is mired with amplified regulation and the institutional trepidation of which I referred. He has called on readers of this Magazine to speak out to their Representatives at the State and Federal level to loosen bureaucratic hindrances to ICO integration.
“Our Anti-Money Laundering (AML) technology and holistic customer experience via our branded currencies offers a strong degree of control,” continued Lars. “We are advised by expert Teammates, joining us from the most knowledgeable net actors, from Google to KPMG and we believe this, in tandem with a superior product, will lead to lasting growth. Together, we will create lasting industry change.”
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