Las Vegas based The Legends Room, scheduled for opening in late May, will become the first strip club to accept its own cryptocurrency. Membership will be available only through the purchase of Legends (LGD) cryptocurrency through a token crowdsale taking place on the Bittrex exchange .
The founders explain that while the main room of the club will be available for public access, VIP private members will gain exclusive entry to private appearances by professional athletes, celebrities and adult entertainment stars. In addition, members can monetize their access to The Legends Room through a unique “timeshare” model, which allows non-members to enter the private area by renting a membership.
The Legends Room co-founder Nick Blomgren next to a Bitcoin ATM in the club
“The exclusive private gentlemen’s club has been a highly sought after membership in world capitals like New York, London and Tokyo,” said Nick Blomgren, co-founder. “Now it’s time for Las Vegas to join this exclusive club, and as a 21st century city, it’s only fitting that this most prestigious club be launched with a unique cryptocurrency that allows for timeshares and proof of membership. For the first time, club membership will be a provable asset on a blockchain with smart contract capabilities.”
Legends tokens are built on the Ethereum platform. The tokens will be available through a public token crowdsale from April 18, through May 15, 2017. A minimum of 5,000 LGD is required to have a full VIP membership (for as long as that many coins is visible in a wallet).
The four-week token crowdsale seeks to raise between $3 to 5 million with a $15 million cap.