The integration of digital currencies and blockchain into the world of gambling continues to grow as more companies see the benefits of the technology. As it stands, several retail and online gambling businesses already allow their users to deposit funds and withdraw their winnings using crypto. That was just the beginning though.
Now even companies that were left behind are joining the bandwagon. The latest to do so is International Game Technology Plc, a renowned slot and casino technology developer. The company has built up quite the reputation for being an innovative developer of world-class products and it is about to extend its reach by adopting crypto.
According to recent industry reports, the company kicked off 2021 by patenting a method for crypto users to add funds into their casino gaming accounts. The United States Patent and Trademark Office received the patent for a system that will allow any player who has crypto to add those funds directly into their accounts.
High Hopes for Crypto and Cashless Payments
As mentioned earlier, crypto is certainly moving at a pretty fast pace. As such, it is pretty easy to see why IGT is already doing what it can to ensure that it does not remain behind. This new patent will likely play a huge role in bolstering the gaming solutions developer’s already polished portfolio.
The patent filing shows that the crypto payments will be in Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH), all of which are arguable the most popular digital currencies on the planet. Starting with them is, of course, very logical but we are very optimistic that even more digital currencies will be supported when IGT eventually moves on to the next stages with its patent.
Perhaps the most notable push for this development is the growing demand for cashless payment systems that grew immensely since the start of the COVID-19 pandemic. IGT has even recently announced that it received regulatory approval to allow players in the state to use its Resort Wallet to make cashless deposits when playing slots.
It is, however, not all about reducing contact and allow for safer experiences during such times. The direction that regulated gaming is taking in the United States as well as in other global markets is possibly going to involve crypto. That said, International Game Technology’s early moves will be very beneficial to its plans for the very dynamic and rapidly growing gambling industry.
Many industries and economies across the world are still reeling from the effects of the coronavirus pandemic. There are, of course, some industries or businesses that have been able to keep operating, and some of them are all about helping people pass time while in lockdown. Thankfully, many of these businesses have been doing more than just offering people ways to kill time.
Needless to say, beating the pandemic is a collective effort and thus it is very nice to see that even the gaming industry has been playing a role in the efforts. CryptoSlots, one of the most popular crypto-powered betting platforms in the United States has not been left behind. The company has over the past month been running the Micro Monsters Donation Campaign which is aimed at helping in the fight against COVID-19.
The company has recently donated nearly $15,000 to Direct Relief, a charity organization that works both in the United States and internationally. In the areas where it has access to, the organization tries its level best to equip medical professionals with essential medical resources as they continue taking care of people in various medical facilities.
Direct Relief has been running the COVID 19 Relief program for a better part of the year in a bid to assist health workers in the frontline on the fight against the coronavirus. Their aim is to ensure that the health workers are protected and that the affected individuals receive the best care possible.
Spinning the Reels for a Good Cause
Crypto Slots has given its customers the opportunity to play a fun and exciting game while at the same time participating in the fight against COVID-19. Every game you play has, therefore, in one way or the other, contributed to the donation. All of your spins will go to a good cause.
“We felt it was time to step up and help those who need it. We are so grateful for our players’ support in this effort. They kept those reels spinning and made a meaningful contribution to a group that’s supporting frontline workers and helping the neediest… Hopefully, this contribution will make a difference to those on the front line, as well as providing entertainment to those doing their part by staying at home.”
Michael Hilary, the manager of CryptoSlots.
Since its debut in the online gambling space back in 2018, CryptoSlots has gained a reputation for being one of the most revered crypto-based gaming sites. It is known for its top-of-the-line games as well as some very lucrative bonuses and promotions. Micro Monsters is no different – every slot player will certainly have fun with the game and all of the amazing features that it has to offer.
The whole world is currently feeling the pinch of the coronavirus pandemic that has resulted in major economic disruptions. That said, regardless of where you are in the world, you will certainly be affected by this in one way or the other. Both individuals and several industries are reeling from the effects of the economic slow down brought about by the virus and it gets even worse due to the uncertainty that is it is associated with.
The cryptocurrency sector has not been left behind. Just like many other industries including travel, hospitality, gambling, manufacturing, and tourism, the crypto industry has had to deal with several issues. There are lots of implications that have to be put into consideration.
After the World Health Organization (WHO) declared COVID-19 a pandemic, there was a significant drop in risk assets with the stock market reporting some of the worst stats in over 10 years. A lot of these risk assets took a hit and crypto was one of them. This can be seen by price drops that were reported for several digital currencies including Bitcoin.
Fortunately, the assets have managed to recover some of their losses the biggest casualties have thus far been the smaller projects. While more popular cryptocurrencies like Bitcoin and Ethereum might get to recover and even see upticks in their usage, the smaller crypto projects will certainly get the short end of the stick.
To make things even worse, due to the cancellation of most social events and closure of several markets, raising capital is now much harder than it has ever been. Not only are there any meetings to discuss possible investments but the investors are also much warier about what they invest in again due to the uncertainty about the future.
All is not lost though. While the pandemic is definitely not something to be taken lightly, it has allowed for a number of stablecoins to shine. Currencies like Bitcoin are being pulled off exchanges as more people are considering them as vital stores of value that can help them get through these tough times.
Besides that, we have seen significant contributions from the cryptocurrency community towards efforts to fight and contain the coronavirus outbreak. Companies in the sector like Binance have donated funds amounting to millions of dollars towards such efforts and these contributions are bound to make a huge difference in both the long and short terms.
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