The use of cryptocurrency and blockchain technology within the iGaming industry has risen exponentially in recent years. We expect to see it more widely used in some of the biggest and best online casinos, brands such as this one and more. Although full integration of cryptos into the sector is still a concept that is very much in development, there are many innovative platforms, initial coin offerings (ICOs) and foundations that are making waves in this arena. The potential offered to iGaming by cryptocurrency is significant, and with the following innovators leading the charge, there’s hope that integration will become a reality before the close of the decade.
JoyToken is a radical newcomer in the iGaming and eGaming space. Incorporating a cryptocurrency with a development platform launched through an ICO, this project intends to bring “new, innovative and exciting content to market” by supporting independent game and app developers through its unique application programming interface (API).
Transforming the industry is a bold ambition to hold, particularly since the platform launched less than six months ago, but there’s a lot of experience within the JoyToken Foundation. CEO Andrew MacDonald has teamed up with iGaming, software development and venture capitalism experts and executives. CMO Mike Leys and CTO Steve Giordano Imbroll both earned their stripes working for top iGaming platform PokerStars, an innovator in online entertainment with its full suite of gaming products, which can be accessed on the official PokerStars mobile app.
In a recent in-depth interview with TechBullion, MacDonald shared JoyToken’s vision for an iGaming industry powered by blockchain: “We will be able to provide access to the eGaming market to small developers. Those with big ideas and insufficient funds and time to get their games out there….enabling the developers to produce their own unique content will create avenues for new ideas and innovations.”
Another iGaming-specific cryptocurrency, CasinoCoin, experienced a resurgence last year. Originally launched in 2013, CasinoCoin is a peer-to-peer, open source crypto that was created as a dedicated digital token for the online casino and gaming industry. Originally based on altcoin technology, in 2017, it underwent a reboot and switched to blockchain powered by a modified version of Ripple.
Ripple is currently one of the few cryptos that have been recognized by and receives support from global banks and financial institutions. It’s also low-cost and high-speed while remaining decentralized, making it a natural fit for a coin designed to be spent in a casino. The revamped CasinoCoin’s blockchain is completely transparent with enhanced security. The coin also comes with a multi O/S-compatible digital wallet and new features include a custom block explorer for easy ways to track and audit the journeys of each coin.
CasinoCoin’s foundation, the Double C Foundation, was established to not only provide the governance and technical innovation needed to support the crypto but also educate iGaming businesses and the industry about cryptocurrencies and blockchain tech. Comprised of an advisory board of C-level execs from within the industry, including Director of Advocacy John Caldwell, who is a former PokerStars marketing exec, the Foundation has enough clout behind it to become quite a loud voice in the conversation for the industry-wide integration of cryptos into iGaming.
Many major players within iGaming still have a mistrust of cryptos, which, unfortunately, developed during the early days of their formation. However, with advocates like the Double C Foundation and dedicated crypto-based iGaming platforms and currencies, the industry has to realize that this perception is largely outdated. Blockchain technology is designed to be more secure, accountable and verifiable, ensuring that cryptos can offer a safer and faster way of carrying out those all-important transactions that iGaming businesses depend upon.