In a move which will no doubt see a torrent of operators following suit, Cozy Games this week that it would soon be ready to accept deposits via cryptocurrency payments. Working in conjuncture with GoCoin – the platform through which Cozy will be trading the new currencies – Cozy is expected to become the world’s first licensed operator to not only accept Bitcoin, but other cryptocurrencies like Dogecoin and Litecoin.
The announcement of the move was announced on the last day of the EiG Expo in Berlin which ran last week, and gave the iGaming industry the chance to showcase all its latest developments – of which Cozy’s adoption of the GoCoin platform was met with the most excitement.
Up until now, some of the main reasons rolled out for casinos looking to adopt Bitcoin have been surrounding security, anonymity and ease of use. However, in recent months, lots of operators have been paying attention to the news (not least the coming introduction of the Point of Consumption Tax in the UK), and realising that Cryptocurrencies offer the chance to handle monetary transactions for a much smaller cost that with traditional mobile casino banking methods.
By using the new currencies, operators will be able to avoid paying through the nose for credit card transactions and cross-border charges. With the streamlining of costs, they’ll be able to better weather the difficult times the industry is going through.
Why isn’t everyone already using cryptocurrencies?
Well, many casinos already are accepting Bitcoin – but that’s because it’s considered to be relatively easy to handle when compared to many of the other cryptocurrencies, which many operators consider to be too risky to touch. The revolution is really coming thanks to GoCoin, which is allowing operators to harness the benefits of cryptocurrencies, while ensuring that they are protected against many of their risks.
With gambling already accounting for almost half of all Bitcoin transactions – though I’d stress most of these are unlicensed games – it makes sense that a platform would come along sooner or later which could make the use of Bitcoin and other cryptocurrencies really come into the mainstream.