Blockchain Press Releases
83% Crypto Growth: SOFTSWISS Reveals iGaming Insights
GZIRA, Malta, Aug. 10, 2023 /PRNewswire/ — SOFTSWISS, an innovative tech provider offering iGaming solutions, presents its latest crypto gaming trends report, derived from the data collected across five hundred brands powered by the сompany.
The presented analysis considers in-game currency conversion capabilities. In 2022, the SOFTSWISS Online Casino Platform introduced a crypto-centric feature, heralding a new paradigm where players possessing crypto holdings could partake in games designed for fiat currency transactions.
H1 2023: THE BIG PICTURE
During the first half of 2023, the iGaming market exhibited a consistent pattern of growth. In absolute terms, the total wagered amount demonstrated a 37% increase compared to the first half of the previous year, while the number of bets underscored even more remarkable growth of 49%.
STATE OF CRYPTO
When comparing digital coin bets between H1 2023 and H1 2022, the analysis shows stable 16.5% growth in monetary terms. Notably, the number of crypto bets has soared by 83.6% since the second half of 2022. At the same time, they remained consistent at 29.5% of the total wagered amount in the last six months, which indicates a continued player interest in this option regardless of fluctuations in cryptocurrency rates.
AVERAGE BET
Intriguing trends emerge as part of the average bet analysis spanning 2022 to 2023. While the average total and fiat bets show minor fluctuations within the 4-9 p.p. range, the average crypto bet follows a different trajectory. It initially drops from 2.84 euro in the first half of 2022 to 1.69 euro in its second half, but then rebounds to 1.80 euro in the first half of 2023. Notably, the average crypto bet demonstrates a rapid decline during the first six months of the year despite the concurrent rise in the number of crypto bets.
Andrey Starovoitov, Co-CEO at SOFTSWISS comments: “The crypto market is rather sensitive to changes in the global environment. The SOFTSWISS analysts conducted a correlation analysis between key player activity indicators and the Fear and Greed Index. The analysis revealed that even during the period of relative apprehension in the cryptocurrency market, business indicators remain precisely high.”
PREVALENT CRYPTOCURRENCIES IN IGAMING
The Top 5 most used digital coins according to the SOFTSWISS Online Casino Platform remained unchanged in 2022-2023.
As of the first half of the current year, the cryptocurrency distribution structure is as follows:
Bitcoin – 76.2%
Ethereum – 9.0%
Litecoin – 5.5%
Tether – 4.7%
Dogecoin – 2.6%
Bitcoin has seen the most growth, with its share increasing by 7.9 p.p. compared to the first half of the previous year. On the other hand, Ethereum and Litecoin have lost 5.5 and 2.5 p.p. respectively.
Andrey Starovoitov, Co-CEO at SOFTSWISS summarises: “Despite fluctuations in cryptocurrency rates and changes in their shares in the iGaming market, digital coins continue to be popular among players. SOFTSWISS, as the ‘number one’ provider offering cutting-edge crypto solutions, creates a robust ecosystem for the iGaming industry. We believe that implementing innovative crypto-centric technologies along with highly customised approaches will empower industry representatives to deliver the most exciting player experience, thereby fostering continued growth. In a rapidly changing digital landscape, success will favour only those adept at harnessing emerging trends and quickly adapting to the escalating demands of sophisticated audiences.”
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View original content:https://www.prnewswire.co.uk/news-releases/83-crypto-growth-softswiss-reveals-igaming-insights-301897711.html
Blockchain Press Releases
Venom and KuCoin Ventures forge strategic partnership
ABU DHABI, UAE, May 10, 2024 /PRNewswire/ — Venom, an innovative layer-0 and layer-1 blockchain network capable of hosting projects at massive scale, has continued to expand its offerings, this time forming a strategic partnership with KuCoin Ventures, the investment arm of KuCoin, a leading global crypto exchange.
The partnership follows on the heels of Venom’s launch into mainnet and the listing of the VENOM token on KuCoin.
One of the most anticipated new blockchain projects, the Venom network, has continued to make inroads across the blockchain industry following its launch into mainnet earlier this year. Venom has drawn attention due to its unique capabilities as both a layer-0 and layer-1 blockchain. The network is powered by Mesh technology, which allows it to communicate seamlessly and at great speed with other, independent networks.
Built to be capable of hosting massive platforms and projects, specifically global payment systems and CBDCs, Venom has emerged as one of the most promising new networks, with capabilities that could revolutionize what is possible in global commerce.
Now, the network has put itself in a prime position to further expand and integrate with other blockchain projects by reaching an agreement with KuCoin, one of the industry’s largest exchanges. KuCoin is one of the top-ten cryptocurrency exchanges with a daily trading volume of well over $500 million.
The new partnership would involve Venom receiving investment support for its VENOM token, while also providing enhanced visibility for projects integrated with the Venom blockchain on KuCoin. KuCoin Ventures will also provide support and resources during and after Venom projects on-boarding process.
Reached for comment on the new partnership, Venom Foundation CEO Christopher Louis Tsu had this to say: “This new partnership with KuCoin Ventures, the investment arm of KuCoin exchange, which is one of the industry’s largest and most important exchanges, marks a new chapter for the Venom network. This will open a lot of new doors for Venom and set the stage for collaborative work that will redefine this industry and allow Venom to reach its full potential. We are all very eager to see this come to fruition and what lies ahead for both us and KuCoin Ventures.”
About Venom:
Venom is a cutting-edge layer-0 and layer-1 network, seamlessly communicating and integrating with other independent networks through its innovative Mesh technology. The Venom ecosystem is anchored by a masterchain, which manages the overall network state and consensus, while workchains — an unlimited number of autonomous chains — host user accounts, smart contracts, and decentralized applications. Mesh technology revolutionizes inter-chain communication, optimizing interactions without compromising speed or unparalleled scalability. With a robust technology stack that ensures rapid finality, comprehensive security, stability, and user-friendly interfaces, Venom is the ideal network for hosting CBDCs and other large-scale platforms. Learn more at https://venom.foundation/
About KuCoin:
Launched in September 2017, KuCoin is a leading global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 800 digital assets and currently provides Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 30 million users in more than 200 countries and regions. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards.
Learn more at https://www.kucoin.com.
Contact for Venom foundation:
Email: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/venom-and-kucoin-ventures-forge-strategic-partnership-302142400.html
Blockchain
Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years
A new bill introduced in the U.S. House of Representatives, known as the Blockchain Integrity Act, seeks to address concerns surrounding the use of cryptocurrency mixers and tumblers. The proposed legislation aims to regulate these privacy-enhancing tools, which are often used to obscure the origins of cryptocurrency transactions.
The bill, if passed into law, would impose strict regulations on the operation of cryptocurrency mixers and tumblers within the United States. These tools, which allow users to mix their funds with those of other users to obfuscate the transaction trail, have raised concerns among law enforcement agencies and regulators due to their potential use in money laundering, terrorist financing, and other illicit activities.
Under the Blockchain Integrity Act, operators of cryptocurrency mixers and tumblers would be required to register with the Financial Crimes Enforcement Network (FinCEN) and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. Failure to register or comply with these requirements could result in significant penalties, including fines and imprisonment.
The proposed legislation also seeks to empower law enforcement agencies to investigate and prosecute individuals and entities that operate unregistered cryptocurrency mixers and tumblers. By enhancing regulatory oversight and enforcement capabilities, the bill aims to safeguard the integrity of the blockchain ecosystem and prevent the illicit use of cryptocurrencies.
However, critics argue that the Blockchain Integrity Act could stifle innovation in the cryptocurrency space and infringe on individuals’ privacy rights. They contend that while cryptocurrency mixers and tumblers can be used for illicit purposes, they also serve legitimate privacy-enhancing functions, such as protecting users’ financial privacy and security.
The introduction of the Blockchain Integrity Act reflects growing concerns among policymakers about the potential risks associated with cryptocurrencies and their use in illicit activities. As lawmakers continue to grapple with these issues, it remains to be seen how the regulatory landscape for cryptocurrencies will evolve in the United States and around the world.
Source: cointelegraph.com
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Blockchain
Government-owned KfW elaborates on blockchain digital bond plans
The government-owned KfW Bank, based in Germany, is delving further into its plans to issue digital bonds leveraging blockchain technology. This move underscores the institution’s commitment to exploring innovative financial solutions in the digital age.
The proposed digital bond issuance is poised to mark a significant milestone for KfW, as it seeks to embrace the transformative potential of blockchain technology. By tokenizing bonds on a blockchain platform, KfW aims to streamline the issuance process, enhance transparency, and optimize operational efficiency.
One of the key advantages of digital bonds lies in their potential to reduce the reliance on intermediaries and streamline the entire bond lifecycle. Through blockchain-based tokenization, KfW aims to automate various aspects of bond management, including interest payments and maturity settlements, thereby reducing the need for manual intervention and minimizing operational costs.
Moreover, digital bonds have the potential to enhance liquidity in the secondary market, allowing investors to trade bonds seamlessly on digital asset exchanges. This increased liquidity could attract a broader range of investors, thereby diversifying KfW’s investor base and potentially lowering borrowing costs.
In addition to the issuance of digital bonds, KfW is also exploring the integration of blockchain technology into other areas of its operations. By leveraging blockchain for various use cases, such as trade finance and supply chain management, KfW aims to unlock new efficiencies and drive greater transparency across its ecosystem.
Overall, KfW’s foray into blockchain-based digital bonds underscores its commitment to innovation and its recognition of the transformative potential of blockchain technology. As the institution continues to explore and implement blockchain solutions, it is poised to stay at the forefront of digital innovation in the financial sector.
Source: ledgerinsights.com
The post Government-owned KfW elaborates on blockchain digital bond plans appeared first on HIPTHER Alerts.
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