Gaming giant Dafabet has expanded the ways its users can pay for services when using its online platforms
A partnership with blockchain company COTI has resulted in the creation of a digital wallet for holding stablecoins. These crypto assets, which are priced 1:1 against currencies such as the dollar, are a popular choice for e-gaming, as funds cannot be frozen or seized easily, and clear into customer accounts almost instantly.
Dafabet Does Digital
COTI specialises in blockchain-based payments for enterprises, and is particularly focused on the gaming industry. The firm is headquartered in Gibraltar, where many of the UK’s betting companies are based, and has close ties with leading e-gaming players. Dafabet will be using a whitelabel version of Blockchain Dollars, the payment product COTI has developed for the gaming industry, to accept stablecoin payments and integrate them into existing gateways.
In October, COTI revealed that it had onboarded a number of bingo brands to utilise its stablecoin service: BingoCafe, BingoLiner, BingoCabin, and JetBingo. Now, it will be the turn of Dafabet’s users to experience the benefits of depositing and withdrawing funds using stablecoins. The solution that COTI has developed for Dafabet slots in seamlessly to the gaming company’s existing digital payment services.
Users of Dafabet’s sports betting, online casinos, poker networks, and Flash games will be able to select ‘cryptocurrency’ as an option alongside existing options such as e-wallet and credit card. The crypto wallet itself, known as Ultra, has been added to Dafa888, DafaPoker, and DafaBetSports among other platforms owned by the e-gaming company.
Strengthening Synergies Between Crypto and Gaming
Cryptocurrency has long been accepted by gaming platforms, online casinos especially, and is popular with customers on account of its greater privacy and faster settlement than traditional methods such as bank wire. However, the volatility of cryptocurrencies such as Bitcoin has impaired broader adoption. Stablecoins, which can be transferred on blockchain networks similar to Bitcoin, eliminate the volatility problem, enabling users to experience the benefits of crypto without the downsides.
COTI anticipates an uptick in network traffic passing through Trustchain, the blockchain it’s developed for payment routing. Up to 1.5 million Dafabet users will potentially be sending and receiving stablecoin payments via COTI. Coupled with the other e-gaming operators the blockchain company is in the process of onboarding, it augurs well for the future of crypto-powered e-gaming.
Crypto Payments Go Full Circle
Cryptocurrency was originally created as a form of peer-to-peer digital cash, and in the early years of Bitcoin, its adopters sought to drive merchant acceptance of the fledgling cryptocurrency. In time, the desire to spend BTC diminished as its holders realized that it could be far more profitable simply to accumulate it. By 2017, as network fees rose on the Bitcoin network, the number of merchants accepting cryptocurrency actually dropped.
This year, the lure of using cryptocurrencies for payments has returned, aided by PayPal’s decision to support crypto payments at the online stores that utilize its payment platform. As a result, 350 million users can now buy cryptocurrency via PayPal and use it to make payments. The Dafabet integration of COTI’s blockchain wallet further attests to the renewed demand for crypto payments.
About SiGMA Europe: