Casinos and cryptocurrency exhibit several similarities. Both are financial heavy industries, and both are viewed with a certain amount of skepticism. Casinos are seen as overwhelmingly benefiting the operator versus the gambler, while cryptocurrency is still often seen as a shady dark-web facilitator. Ironically, the combination of the two may give greater credibility to both. Gambling is a multi-billion dollar global industry, despite their public perception. Cryptocurrency is a powerful integrity driving technology. Together, they create a mainstream gaming ecosystem where gamblers always perceive themselves as fairly treated.
CasinoCoin and Their History
At the forefront of this movement for industry cooperation is CasinoCoin. Originally founded in 2013, the currency is now under new management. They intend to create a universal gambling currency, one that transfers easily between games, casinos and even locales. To this end, they seek to work closely with regulators to create a cryptocurrency that solves many of the problems plaguing the gaming industry.
As the cryptocurrency industry escapes the most recent bear market, CasinoCoin benefited greatly from the rise in overall market cap. Once a niche market usable only on a single poker site, CasinoCoin’s rebrand brought them tremendous attention – particularly their establishment on the Isle of Man and push for greater use.
How Blockchain Fits with Gambling
The immutable nature of a distributed ledger ensures transaction transparency. This process accounts for all money flowing in and out of casinos in a previously impossible way. Most cryptocurrency investors are familiar with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Incorporating these into CasinoCoin’s platform comes as no surprise, yet this process is almost unknown in the casino industry. This transparency eliminates the less savory aspects of the casino market while providing a myriad of benefits for the individual gambler. This identification standard forces many of the malicious actors out of the equation.
Further, storing funds on a blockchain adds a serious layer of security for end users. Rather than trust a third party and the deal with the associated counter-party risk that comes along with that trust, funds transfer directly from the blockchain based on the immediate needs of the gambler. There is no physical store of money, no shady intermediaries and no need for the casino to hold cash in escrow. As a result, gamblers game to their heart’s content – confident that their money is safe.
Proven Blockchain Technology in a New Field
Alongside their rebranding, CasinoCoin also shifted blockchains. The powerful Ripple payment protocol is their new basis, borrowing sections of the open source code base to power their own coin. Well known in the traditional financial world, Ripple made massive inroads into a variety of banking institutions. Their product suite is in use by multiple corporations, an unusual feat for the nascent cryptocurrency world.
As such, CasinoCoin’s use of the Ripple system for their coin only makes sense. Operationally, casinos are very similar to banks – and the back end financial technology is nearly identical. For online, regulated casinos that operate globally, Ripple’s payment protocol template will help CasinoCoin act as a gambling bridge currency. The greater the reach, the more potential profit streams for any online casino.
Cleaning Up the Casino Gaming Industry
Public opposition to gambling is at historic lows. Where Las Vegas and Atlantic City once stood as the only gambling meccas in the United States, multiple states and many cities now embrace casinos as a source of tax revenue. This means that the supporting financial infrastructure must expand to accommodate these new markets. Cryptocurrency’s rise offers a way to do just that, while also ensuring protection for gamblers in these new markets. Organizations that once held sway over the entire casino gaming industry will find it more difficult to keep a tight grasp – and competition always benefits the customer.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of BagoGames via Flickr
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…