Cryptocurrency iGaming: The Potential that iGaming Developers See

Many industries are now utilizing cryptocurrencies like Bitcoin, Ethereum, Cardano, Bitcoin Cash, DogeCoin, etc. The father of all cryptocurrencies, Bitcoin, has been around for over decade now but it was just over the recent years when more people have started to pay attention to it and altcoins too. This is especially the case this year when BTC’s value peaked at 68,521 USD.

Today, many businesses in industries like online retail, tourism, banking, food, and gaming have been trying to incorporate blockchain and cryptocurrencies in developing their services and this is also the case for the gambling industry. Online gamblers can easily have fun playing at virtual reality casinos and place their bets on sports betting sites with cryptocurrencies.

The online gambling industry is one of the firsts to have seen the potential of cryptocurrencies and how these coins may just be the future of online payment solutions. In particular, SOFTSWISS has been the first in the industry to realize how far cryptocurrencies could take iGaming. The company was able to introduce Bitcoin-optimized online casino solutions in 2013.

SOFTSWISS’ Take on Crypto Gambling

With this company being the first to offer a crypto solution for online casinos, we can say that the technology behind it is their expertise. True enough, the company has a lot to share about iGaming with cryptocurrencies.

Founder of SOFTSWISS, Ivan Montik, explained the company’s interest in crypto solutions. Montik said, “SOFTSWISS as a fast-growing company has always been interested in new technology and innovation. We had been closely following the development of cryptocurrency since 2011.

“We had a fairly young company at the time and an equally ambitious team. So we decided to focus on developing crypto solutions for classic casinos and in the spring of 2013 added special features for the SOFTSWISS Online Casino Platform and processing for bitcoin gambling. There was nothing like it on the market at that time except for a few one-page dice games.”

The Chief Operating Officer of SOFTSWISS, Andrey Starovoitov, also spoke about what the company initially planned to do when they discovered Bitcoin and blockchain. He said, “Initially, SOFTSWISS was the first to introduce Bitcoin and blockchain into the operation of gambling. It was SOFTSWISS that first recommended providers to include cryptocurrencies in the list of currencies available in casino games to accept bets.”

Montik also talked about the other important things they’ve done to get the word about cryptocurrencies out there. Montik said, “We were the ones who first sponsored and helped organize the bitcoin seminar at the ICE Totally Gaming conference in London in 2014, where there were panel discussions and I spoke to the iGaming guys.

“We tried to tell the industry that it was cool and to open their eyes to the fact that cryptocurrencies were the future of iGaming. The main objective was to convince providers to add bitcoin as a full-fledged betting currency without exchanging it for euros.”

Since then, the company has worked with numerous online casinos like BC Game and Stake. Eddie Miroslav, the co-founder of Stake recently talked with YogoNet about the importance of their partnership with SOFTSWISS.

Miroslav said, “SOFTSWISS has allowed Stake to easily add all providers without a drawn-out direct integration process. Coupled with a great support team we’ve been able to focus on growth without having to worry too much about technical issues from 3rd parties. Being able to group together all these 3rd parties into one partnership has allowed us to focus our efforts on acquiring customers and expanding the business.”

BC Game’s Head of Operations, Chris Butler, also spoke about the same thing and said, “The SOFTSWISS brand name holds a high value in the gaming industry. Partnering with a reliable name like this opens a lot of doors for any crypto gaming casino builds a lot of trust in the users and helps the players have faith in our casino! We have published thousands of games from multiple providers on our platform with the help of SOFTSWISS.”

More Crypto-Based Companies Investing in Casino Gaming

With how Bitcoin and other altcoins are doing, it’s likely that more people will be creating crypto wallets in the coming years. Blockchain gaming is also becoming popular with game titles like Axie Infinity, Splinterlands, and The Sandbox. It’s not surprising that more blockchain-based businesses are now getting into gaming and gambling.

FUN Token is one of the other companies in the industry that also believe in how cryptocurrencies can only be good for the gaming and gambling industry. The company’s CEO, Adriaan Brink, explains the importance of decentralization in their business and the industry.

Brink said, “At its core, it’s about reducing the custodial element of online gaming. In a traditional online sportsbook or casino, players deposit funds, then bet or play, and then either withdraw their funds or leave them for playing in the future.

“While these funds are in the operator’s hands, they are not available to the player, and the player is relying on the operator’s integrity to settle when they request a withdrawal. The process of moving the funds is expensive for the operator and exposes them to fraud, so they tend to make it difficult or time-consuming for players to withdraw.

“During the first step, we will provide a mechanism for players to attach their XFUN wallets to the operator site, which will make the deposit and withdrawal of funds seamless, at zero cost, and super fast. The result of this will be that funds will be kept in the player’s own non-custodial wallet when not in use – giving the player absolute control over their funds.

“Further steps to decentralize, including sports betting entirely on-chain and on-chain mechanisms for player lay-staking, will be rolled out in the future.”