Earlier this week, the SiGMA ICE Asia digital conference took place virtually and offered expert insight into the future of igaming in Asia. The two-day conference ran from 8th-10th June and was held for three hours each day.
One of the key factors of discussion was the impact of cryptocurrency to the iGaming space. Experts and other speakers recognized that cryptocurrency was quickly marking its place in the industry, and the global pandemic has only helped to cement it as a viable form of payment.
Crypto Payments in iGaming
The CEO of cryptoprocessing.com, Max Krupyshev, and co-founder of Hong Kong Blockchain Association, Tony Tong, highlighted the impact of crypto payments in iGaming. The two noted that cryptocurrencies presented some unique features that would make iGaming an easier process for everyone involved.
For starters, the use of cryptocurrency for payments will help gaming platforms to increase their global reach. These digital currencies allow for faster payment processing, across jurisdictional territories, and without the need for a third-party intermediary. Besides, the faster transactions and easier payouts ensure that developers and gamers get to resolve purchases faster and at cheaper rates.
Another lucrative feature of cryptocurrency payments is the anonymity it provides, which is excellent for gamers who prefer to keep their identities hidden, such as in online gambling sites.
The world is already heading towards a cashless society, and the coronavirus pandemic is hastening the process. It is, therefore, no surprise that more iGaming operators are heading towards that direction as well. More operators and developers across Asia, and the world at large, now allow gamers to pay for their purchases using digital money.
History of the Crypto-Gaming Relationship
A few years ago, not many people knew much about cryptocurrencies. And even those who had heard of bitcoin and other digital currencies brushed them off as a ‘scam.’ This negative stigma around technology played a significant role in its slow adoption of blockchain and cryptocurrency.
However, the iGaming industry is widely competitive. As cryptocurrencies gained traction in various industries over the last few years, the need to accommodate this form of payment arose. Thus, more iGaming platforms now allow for crypto payments to help stay ahead of the competition.
There’s still a negative perception around cryptocurrencies that make it difficult for most people to get on board. However, for safer transactions, exchanges offer AML and KYC checks to ensure all the accounts are legitimate and that transactions on the network are safe.
As cryptocurrency payments are adopted globally, the iGaming industry is not staying behind. Besides, these payments offer a variety of advantages, and it is only a matter of time before the entire industry adopts convenient crypto payments.