Tag: adoption

Choctaw Casino & Resorts Embraces Crypto Payments in Landmark Deal

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As the first land-based casino in North America to accept digital assets as a form of payment, Choctaw Casinos & Resorts is celebrating a major milestone in the intersection of traditional gaming and cryptocurrencies. This new approach is the product of a partnership between Bitline, a supplier of digital asset payment services, and Everi, a fintech business that specializes in providing gaming-related financial solutions.

Choctaw is now positioned as an early adopter of blockchain-based payment systems, but there is certainly more to the move. Gamers, of course, get to enjoy more freedom, though it could also mark a major shift for both the gaming and crypto sectors.

What to Expect

The partnership introduces digital assets as a legitimate source of funds for casino guests, allowing them to seamlessly convert cryptocurrencies into playable casino chips. Facilitated by Everi’s CashClub system, the integration enables smooth onboarding, screening, and verification of patrons looking to use digital currencies at Choctaw properties.

Bitline’s CEO, Richard Jones, highlighted the transformative potential of digital assets in gaming, stating that the industry is entering an era where cryptocurrencies can enhance the overall player experience. He emphasized that the collaboration marks the beginning of a broader vision to modernize casino payment systems on a global scale, ensuring financial frameworks are adaptable to future industry developments.

For Choctaw Casinos & Resorts, this partnership aligns with a long-standing commitment to innovation. Thomas McDonald, the company’s senior director of cage and credit, expressed enthusiasm about the casino becoming the first in North America to provide guests with an alternative way to fund their gaming experience. He acknowledged Everi’s role as a leader in fintech solutions and noted that the casino will continue to invest in cutting-edge offerings that provide VIP players with safe and secure access to funds.

Why Did It Take So Long?

Concerns about volatility, security, and compliance have kept cryptocurrencies on the edges of regulated gaming locations for a long time. However new developments in the architecture of digital assets and more stringent regulations have made widespread adoption more feasible.

This integration not only enhances financial accessibility for players who prefer decentralized payment methods but also modernizes the casino experience by bridging the gap between crypto holdings and in-person gaming.

While regulatory concerns and market volatility remain factors to consider, this latest development signals that the gaming industry is embracing digital transformation in once unimaginable ways. Whether other major casinos follow suit remains to be seen, but one thing is certain. Crypto is no longer on the fringes of the gaming world

There Are Now Over 221 Million Crypto Users

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According to a recent report published by Crypto.com, a renowned crypto and bitcoin publisher, the number of cryptocurrency users rose to a whopping 221 million in June 2021. In the ‘Measuring global crypto users: A study to measure market size using on-chain metrics, July 2021’ report, 2021 has been a very good year for the sector. January, February, and April particularly proved to be monumental to the growth. Bitcoin’s bear run had something to do with this but that is just a small piece of the puzzle.

“Bitcoin led growth from January to April, as heavyweight institutions like PayPal, Microstrategy, Visa, and Mastercard announced plans to support crypto. Similarly, Ethereum saw significant growth in May and June as institutional investors continued to favor the token,” reads a section of the report.

Crypto.com leveraged data from some of the world’s top crypto platforms for this study. These include popular names like Binance, Kraken, Bitfinex, BitMEX, Deribit, Liquid, BitFlyer, and even Crypto.com itself. Of the 221 million crypto users, about half were Bitcoin owners. Ethereum, another popular digital currency, also showed its might with about 10 percent of that market share.

While the number of crypto users is certainly very impressive now, even more growth is on the way. 2021 has been quite the year for crypto. The accelerated growth is set to be catalyzed by other developments such as some governments accepting crypto as legal tender.

Is It Time to Invest?

Lots of people have still held out on buying into crypto. The volatility of the space is still a big problem. 2021 has been kinder to cryptocurrencies than other years. There were of course a few low moments for the sector. For many of the hold-outs who missed out on the previous crypto investing frenzies, this might be a very tempting opportunity to go all in.

However, as good as things seem to be, there is no guarantee that we’ll see any more record-breaking highs. This is especially true for 2021. That said, if you are interested in crypto you might need to evaluate why exactly you are buying into it. Crypto is still a very risky investment and this should guide your decisions.

It is possible to find ways to minimize or limit your risk. Still, you need to understand what it is that you are getting yourself into. Ideally, investing in crypto should be more like a long-term investment. With that, it is possible to reap the full benefits of the sector once crypto succeeds.