PlayChip's gaming token will be migrated to Ethereum blockchain and launched in December

The PlayChip Ecosystem consists of eight online gaming platforms. The combined turnover and user numbers of these platforms positions the PlayChip as one of the biggest token sales of year.

"Many ICOs take months, even years, to deliver product following their token sale. Ours is live today and being used by a million people," said PlayUp CMO Ryan Bowman.

Demand for PlayChips has continued to grow over its pre-sale. In September the company launched PlayUp Bet, the world's first crypto-only gaming platform with a native token, to huge fanfare. The platform trades in the beta-version of the PlayChip, which is pegged to a value of US$0.01. PlayUp Bet has seen over 10,000 new user sign ups and turned over $1,000,000 in PlayChips since its launch.

The heavy demand for PlayChips is expected to skyrocket following the December listing, when large PlayChip promotions with significant prize pools will be run across all eight platforms of the entire PlayChip Ecosystem. The demand for PlayChips is expected to help mitigate the volatile price fluctuations sometimes seen in emerging cryptocurrencies.

The Australian company has acquired six gaming platforms over the course of 2018 to add to its growing ecosystem, as well as being registered by AUSTRAC as a Digital Currency Service Provider. The range of platforms in the PlayChip Ecosystem guarantees the utility value of the token – something very rare in the world of ICOs, while the registration paves the way for the establishment of the PlayXchange, which will facilitate instant purchasing and cashing out of PlayChips.

The PlayXchange is the key to the accessibility of the project for those unfamiliar with cryptocurrency, according to PlayUp CEO Daniel Simic.

"We are pleased to be at the forefront of the blockchain revolution in online gaming, but the truth is there are a lot of people who know very little about it and the benefits it will bring," he said.

"The PlayXchange will allow our users to track the value of their tokens against a number of fiat and cryptocurrencies, and exchange them in a seamless, user-friendly experience."

"We are big believers that people should not have to adapt to technology. Technology should be accessible to people in a medium that can be understood."

The exchange will allow for the buying and selling of PlayChips as well as a number of other leading fiat and cryptocurrencies. Following KYC onboarding the PlayXchange has the potential to be a top 20 exchange by user number, given the current PlayChip Ecosystem user numbers. Furthermore, the platform will be used to post real-time transaction updates in the PlayChips longer-term goal to provide Provably Fair Gaming, where the entirety of the Ecosystems transaction load can be carried out by a blockchain.