A new Las Vegas striptease club, The Legends Room, has launched its own cryptocurrency – Legends (LGD) – that can be used to pay for drinks and dances in the club, with a 20% discount, guaranteeing anonymity.
LGD is issued via the Ethereum blockchain-based platform, which allows the creation of custom tokens, reports Motherboard, an online magazine for technology, part of the Vice network. The new cryptocurrency is available in a crowdsale on the US cryptocurrency exchange Bittrex, until May 15.
The exchange rate is 1150 LGD per bitcoin and the club is issuing 30 000 000 tokens. Of them, at the time of writing the article, were sold 725 721.34 LGDs.
In addition to drinks and services, the cryptocurrency is the only means to become a lifetime VIP member and gain access to a private area featuring appearances by athletes, celebrities and adult entertainment stars. The VIP membership is available to anyone holding LGD 5000 or more. At the time of writing this article, this equals $6821, but the club founder Nick Blomgren has told Motherboard that the target price for the VIP membership was $5000.
The main advantage of the LGD, according to Blomgren, is the full anonymity provided by the cryptocurrency. “The first question they ask me in the club when they use a credit card is, ‘What does your receipt say on the statement?’ So if you can use bitcoin, well, there’s no problem,” he told the site.
As for the practicalities of spending the LGD, instead of the old-school tipping the dancers with dollar bills, the club intends to use a dedicated mobile app and QR codes. According to Peter Klamka who is responsible for the club cryptocurrency, the codes will be attached to the dancers’ bodies where they can be scanned. “So let’s put a QR code on a porn star’s thigh and you can scan your app or even your blockchain wallet right on her thigh… Then all of a sudden you’ve got a real draw,” Klamka said.
According to Blomgren, who has been in the strip club business in Vegas for over 20 years, the target clients of The Legends Room are young tech-savvy IT people.
The club is due to open in the end of May.