Global Blockchain Mining Corp (CSE:FORK) (OTCMKTS:GBCHF) has struck a deal with Toronto-based Bravio Technologies Ltd to develop a blockchain-based platform so players can take part in global lotteries.
With blockchain and cryptocurrencies being ideal for use in the digital betting sector, this deal represents the firm's second stake in this vertical, said FORK, following the announcement last week that it will carry out an initial exchange offering (IEO) with sports betting platform MeVu for MeVu's crypto asset MVU.
Today, the group revealed it had inked an exclusive letter of intent with Bravio, in which it will develop a state-of-the-art, blockchain-disciplined cryptocurrency payment and asset administration platform.
READ: Global Blockchain Mining set to carry out token offering for MeVu, which has platform for peer-to-peer online betting
The platform will perform payment processing and administrative functions for Bravio's end-to-end foreign lotteries program, in which players from anywhere in the world can participate in lotteries that are deemed to be attractive based on jackpot size.
Provisionally, the platform's functions may include sales, ticketing, deposits, payments, and rewards as part of Bravio's existing lottery programs.
"Pairing the use of FORK's Platform built on ultra-reliable blockchain technology, and allowing a decentralized system of payment such as cryptocurrencies allows Bravio to potentially engage a whole new style and demographic of lottery player," said Bravio CEO Paul Carroll.
"Our aim is to offer global participants the option to use cryptocurrency to purchase original lottery tickets in most of the world's best-known lotteries."
Bravio's existing lottery programs enable users in key operating markets the option to participate in multiple foreign lottery draws, including "mega" jackpots such as the PowerBall in the USA and Lotto 6/49 in Canada.
With a strong presence in the markets of North America, Europe, India, Nepal, Asia Pacific and Australia, Bravio's ecosystem can access to more than 260 million mobile phone subscribers via partnerships with cellular network operators.
Lottery jackpots, particularly in the US, have gained considerable worldwide attention in recent years.
The drawings for the US MegaMillions lottery last year were widely covered by media outlets as the jackpot accumulated to more than US$1.5 billion in total value.
Currently, FORK expects to retain around 40% of transaction fees collected by the proposed lottery ticketing Platform in connection with Bravio's lottery program offering.
Notably, the platform will allow Bravio to accept payments made through Bitcoin's Lightning network, which will allow for inexpensive transaction fees, and low processing times compared to traditional Bitcoin transactions.
Global Blockchain Mining added that recently confidence in Bitcoin appeared to have improved.
With the crypto-currency having started the month of May at under US$5,400, the price has steadily risen, staying consistently above US$6,000 on Thursday, May 9 and consistently above US$7,000 on Monday (May 13)even surpassing USD$7,800 at one point, it noted.
Shares zoomed up in Toronto over 33% to stand at $0.02 each.
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