Bitcoin

According to Andrey Starovoitov, COO at SOFTSWISS, a pioneering iGaming company for its embracing of cryptocurrencies, Bitcoin continues to be the most popular cryptocurrency in gambling, with a market penetration of 78.5 per cent, compared to closest runner-up Ethereum’s nine per cent.

Providing his insights on crypto-gambling alongside CoinPaid CEO Max Krupyshev, Mr Starovoitov explained that whilst Etheruem is a currency iGaming players find appealing, he doesn’t see it bypassing bitcoin in popularity “at this stage”.

The two prominent proponents of the crypto-gambling industry, at two of the leading crypto-gaming companies, were providing their observations in the wake of quickly increasing cryptocurrency turnover, which at SOFTSWISS has grown to reach 31 per cent, compared to 26 per cent at the end of March.

In the words of Mr Krupyshev, whose company provides a cryptocurrency processing solution to SOFTSWISS, “the number of transactions processed via our services has been steadily increasing since 2019, but in 2020 we experienced a five-time growth in volumes.

“Since the beginning of the pandemic, the demand for crypto payment solutions has been rising, and we do not see this backing down now”.

Although “some obstacles” still exist for the widespread acceptance of cryptocurrencies, he identifies a “tremendous” global change towards this, which is reflected in “new legal initiatives, CBDC development, and what is more important for us, large financial institutions starting to accept crypto and acquire crypto infrastructure projects”.

Mr Krupyshev states that as a result of this, competition in the crypto processing market is heating up, and “the race for first place in the sector is on”.

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