In recent years, there has been a meteoric rise in the trading and use of cryptocurrencies, and in turn, a growing number of betting operators are beginning to take notice of its potential as a payment method.
V conversation with CEO SBC Rasmus Soymark, in the latest edition of the Double Espresso Show, three experienced executives in the payments sector discussed cryptocurrency as a transaction method for the betting and gaming industry, as well as other topics related to payments.
The most optimistic views on the relationship of cryptocurrencies with games were demonstrated by Lorenzo Pellegrino , general manager Skrill , Neteller and Income Access v Paysafe Group , as well as Philip Fire , Chairman and Chief Executive Officer Nuvei .
Pellegrino focused on consumer demand for crypto, noting that because Nuvei is a "consumer business" that takes customer considerations into account, the firm began integrating crypto into its operations through a partnership with Coinbase after listening to user feedback.
He stated: “We didn’t want to start from scratch and get a cryptocurrency license because we wanted to test the water so we decided to go into this relationship with Coinbase – it actually went public a few days ago – they are a great company and we have a great relationship with them. relations ".
Fire, meanwhile, defined cryptocurrencies as a “fascinating topic” not only in relation to the betting and gaming industry in the US, but also because of what the sector is “doing around the world.”
He added: “Going back to our philosophy of ensuring that our merchants can accept any form of payment, it makes sense that a few weeks ago we announced support for over 40 cryptocurrencies for entry and exit.”
He also detailed the core elements of Nuvei's customer, fee, and merchant based approach to crypto payments, adding: “We want to solve real problems and help our customers communicate with their customers, so we will let the market determine how crypto reacts and what fraction of the wallet. she takes."
Discussing the use of cryptocurrency by bookmakers and their customers, Pellegrino further elaborated: “Consumers don’t even know that the minute they buy or sell on Skill, they are actually doing it on Coinbase.
“The beauty is that once they do that, they can also do a lot of other things with Skill since, as you know, they can send money to gambling operators and e-commerce operators.”
However, Joe Pappano , general manager Sightline Payments , was more concerned about the potential benefits of crypto as a payment method for both the gaming industry and its customers, saying that Sightline is instead prioritizing cashless transactions so operators can better deal with payrolls. .
“We are definitely keeping a close eye on the movement,” he began. “At Sightline, we like to say that we have ‘eyes to vision, ears to the ground’ – we are watching the movement and impact of cryptocurrency or a cryptocurrency derivative such as blockchain technology.
“There is a parallel financial system that is being built to support cryptocurrencies, but from our point of view it is incredibly important to stay disciplined and make sure we are focused on providing a safe, secure and seamless payment ecosystem that has legacy consumer protections and allows them to responsibly transfer financial transactions to betting accounts and withdraw them from the accounts.
You can watch the full series exploring the future of payments in Northern America here .
Double Espresso Show, hosted in partnership with GamblingTV, focuses on expert advice and key insights from leading industry experts in an interview with our CEO, Rasmus Soymark. More great interviews will follow in the coming weeks and months.
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