An Australian game testing platform announced it will make a $30 million initial coin offering in hopes of attracting users to the site.
GameTester is the latest company to use Ethereum blockchain to issue an ICO as an alternative way of raising capital and increasing exposure for the site.
ICOs have been used by some gaming companies to provide their own virtual currency. Virtual currencies such as Bitcoin have seen their value explode in recent months hitting new highs, but remain an extremely volatile market.
GameTester was founded two years ago and allows users to test video games and provide feedback for developers. The site also sells games with currency earned by testing.
The company looked at traditional fundraising techniques, but decided an ICO would both implement blockchain technology into the business and raise capital, company officials told the Australian website smartcompany.com. The virtual currency also improves the site’s reward system.
To date, the company has raised about $780,000 through the sale.
