Certain types of payment processing for gaming can be cumbersome, expensive, and unreliable. Accepting deposits and withdrawals using cryptocurrency has solved many of the payment processing concerns faced by operators.
Transferring cryptocurrency is straightforward, inexpensive, and doesn’t require approval of a financial institution. However, not all jurisdictions permit the use of cryptocurrency and it does not solve all of the problems related to relying on third-party payment processors.
In addition to the use of cryptocurrency as another currency for deposits and withdrawals, some operators are leveraging the unique properties of cryptocurrencies such as Ethereum to create games and gaming structures. For example, some operators have been using smart contracts on the Ethereum blockchain to develop provably fair games that can be easily verified. Some operators have issued tokens which allow token holders an ownership stake and an ability to participate in decisions related to governance.
Operators are beginning to harness the unique properties of cryptocurrencies. Regulators, however, have been slow to accept any use of cryptocurrency in gaming due to a variety of concerns. Further, the ability to operate a decentralized autonomous organization does not preclude an organization from obtain appropriate licensing.
Jack works with organizations interested in leveraging the unique properties of cryptocurrency for their gaming businesses and liaises with entities issuing licenses and permissions to those operators. Jack assists operators negotiating cryptocurrency based payment processing agreements.