Something new is cooking in the crypto world! The new blockchain technology is expected to allow casino patrons to get a casino chip, which will get them direct access to the gaming floor through the cryptocurrency or digital platform.
The technology will be available all around the world.
Game-changing technology:
Mobile app Bitline recently signed a deal with Everi Holdings, one of the leaders in the gaming industry. Bitline’s CEO, Richard Jones, highlighted the fact that until now, there wasn’t a way to connect the digital assets and casino floor that was actually functional. However, it will provide the players with the liquidity of digital access in a matter of minutes.
The players will be able to get up to $10 million worth of casino chips at any time they want. Bitline will be responsible for compliance, transaction monitoring, banking, as well as other regulatory needs that might be required. Also, all transactions are secure, which is a great benefit for the casino.
The work on the new technology lasts for about a year and a half, and thanks to various institutional partnerships, especially in terms of security and compliance, the idea will live to see the light of day.
Bitline collaborated with leading names in the industry, such as Everi, Fireblocks and CipherTrace. They enabled transaction monitoring and necessary verification.
According to Jones, the application will be bulletproof once the whole project is finished.
Partnerships are the key:
Victor Newsom, Everi’s Senior Vice President of Product Management and Payment Solutions, said: “We take compliance very seriously. So we had to make sure they had the right compliance partners, the right financial partners, regulatory licensing, and so on.”
He added that the app would be good for the industry, but it also gives it time to adjust to changes and realizes that it doesn’t change the regulated gaming space and that it’s only a matter of transactions.
Without partnerships, though, this project wouldn’t exist, according to Newsom. The highly regulated gaming industry requires that, but it also helps in expanding the company’s technical capabilities.
Newsom added: “All that takes partnership. And if you don’t have a partner that’s willing to go through all that growing process with you, don’t think you’ll be successful, especially introducing something as potentially game-changing as a product like this could be.”
Jones mentioned the presentation about Bitline at the Global Gaming Expo in October, saying that the app was one of the most demonstrated products.
As VegasInc reports, Bitline will go live soon, even perhaps by the end of the year or in the first quarter of 2024, Jones expects. After the official launch, the expansion to the new markets and casinos is expected.
Jones said: “In the current marketplace, there’s no product that’s situated like this.”
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