The online gaming industry is growing to unimaginable heights as demand from gamers across the world grows exponentially.
Since the launch of the internet, online gaming and casinos have witnessed a global adoption. Anyone with an internet connection having the ability to play, engage and win from anywhere they are.
The online casino market, despite being heavily regulated across many countries, has witnessed massive growth in the past few decades.
A Fast-growing Industry
The online gambling industry is expected to grow from $64.13 billion in 2020 to $72.02 billion in 2021. That’s a compound annual growth rate (CAGR) of 12.3%.
Additionally, the market is expected to grow at a CAGR of 12% in the next four years – and reach $112.09 billion.
Despite the projected growth statistics, the global online casino market still faces a multitude of challenges as adoption and demand grows by the day.
As mentioned above, strict regulations surrounding the market still pose a huge barrier to market growth.
Notwithstanding, most of the gamers lack trust in online gambling as they think the platforms are not fair in their selections and a lack of transparency in wins and losses.
This could be the reason that has seen younger generations being less interested in online gambling compared to the other generations.
In an aim to bring back the zing to online casinos and gambling platforms, one project, CryptoSlots is introducing blockchain-based online casinos aiming to solve the pertinent issues on online gambling sites and boost demand from younger generations, who have a knack for cryptocurrencies.
The future of online gambling
Launched in 2018, CryptoSlots is a crypto-based online casino aiming to increase the fairness of online gambling and increase transparency in the market.
Backed by Slotland, the online casino is available globally on Android, iOS, and Windows devices offering over 50+ provably fair games.
The platform offers gamers and gamblers “unlimited crypto-gaming experience”, unlike the experience they get from traditional physical and online casinos.
Built on blockchain technology, CryptoSlots ensures that all games are provably fair, ensuring every winning and losing statistic is available to the gamers hence increasing transparency of the network.
This also allows online casino players to easily verify the randomness and fairness of all games available on the platform.
The Provably Fair system is a mathematical method that is used to ensure that no one, neither players nor casinos, can know the result of the game before it starts and that the casino cannot tamper with the random operation of the game.
CryptoSlots has a number of online casino games available for gamers to select from including slot games, mega matrix, poker, high limit, and jackpot entries.
The slot games are the most popular on the site matching already available games such as Hot Hit, Vegas Twin, Leprechaun Luck, Coin Rush, Blazing Wilds, Neon Reels, Tokyo Games, etc.
Notwithstanding, the platform launches new incentives for gamers regularly to keep them interested in the games available.
The latest promotion is for new users eager to play on the online casino with a welcome bonus for each user. New users can claim a 133% welcome bonus on their first deposit by using the WELCOME133 code while signing up.
With the online casino market showing massive signs of growth, it is key for the community to embrace blockchain-based platforms to ensure transparency and fairness in all games.
Bitmart Says It Lost USD 150M In a Hack, Suspends Withdrawals
One of the top 30 crypto exchanges, Bitmart, confirmed it has lost around USD 150m in a hack today, December 5, and has temporarily suspended withdrawals until further notice.
The company said they have identified “a large-scale security breach” related to one of their Ethereum (ETH) hot wallets and one of their Binance Smart Chain hot wallets.
“At this moment we are still concluding the possible methods used,” Bitmart said, adding that the affected wallets “carry a small percentage of assets on BitMart and all of our other wallets are secure and unharmed.”
The exchange was established in 2017 and claims it has more than 9 million users. It listed Alexander Capital Ventures and Fenbushi Capital among its investors.
The 24-hour trading volume on Bitmart surpassed USD 1.4bn, per Coingecko data, which ranks the platform as the 25th largest exchange by daily trading volume.
Fidelity to Launch Spot Bitcoin ETF This Week
Fidelity is aiming to launch its first spot Bitcoin ETF
Fidelity, an American multinational financial services corporation, is set to launch its first spot Bitcoin ETF in Canada this week, according to Bloomberg senior ETF analysts.
Fidelity is a multinational financial services corporation that was established in 1946, and it remains one of the largest asset management companies in the world with $4.9 trillion AUM with a total AVN of $8.3 trillion.
SEMI-SHOCK: Fidelity launching a spot bitcoin ETF in Canada this week. Didn't know about this. Will easily be the biggest asset manager to date with a bitcoin ETF. pic.twitter.com/H2XJRBY3O6— Eric Balchunas (@EricBalchunas) November 30, 2021
According to Bloomberg analysts, the fund with FBTC CN is currently pending listing on the Canadian exchange and will be trading under the name Fidelity Advantage Bitcoin. Balchunas also notes that the new fund might possibly become the biggest asset management company that includes Bitcoin products.
Spot ETF as main advantage
While futures-backed Bitcoin ETFs are not something new for the market, the physically-backed exchange-traded fund would actually be a more convenient solution for Canadian investors who are willing to receive exposure to the cryptocurrency market and Bitcoin specifically.
Compared to futures-backed funds, physical settlement Bitcoin products allow investors to receive direct exposure to the cryptocurrency market without facing high roll costs. Since Bitcoin-tracking funds utilize short-term one-month futures, they have to renew their contracts every month, which puts investors in an unfavorable position.
Due to funds operating with large volumes, the futures market faces significant buying power that puts futures contracts prices higher than the actual underlying asset. Such a market condition is called contango bleed when investors have to overpay for opening new positions on the market, which puts them at around a 20% annual loss.
Former PayPal CEO’s Cryptocurrency Exchange Goes Live for Institutional Clients
“Bullish” exchange backed by PayPal co-founder is set to launch for institutional investors.
The cryptocurrency exchange backed by Peter Thiel and Richard Li began operating for a batch of institutional investors on Tuesday. The start for institutional investors is only the first step before the full launch for private investors and traders.
The Bullish Exchange will offer Bitcoin, Ether and EOS tokens for trading against USD coins. With further development and expansion in the future, the exchange will broaden its digital assets offering for both institutional and retail investors.
Among the exchange’s first clients are firms like Virtu Financial (non-U.S. affiliate) and Hong Kong-based crypto finance firm Amber Group. The first company is an electronic market-making firm that is based in New York.
The new exchange, which is also backed by hedge fund managers Alan Howard and Louis Bacon, was established earlier in 2021. The exchange has numerous distinctive features that come from the world of decentralized finance, including automated market making, lending tools and portfolio management mechanisms that will help traders to properly handle their funds.
The chairman of Bullish exchange presented his product like a tool designed for investors who are looking for secure and efficient exposure to the digital assets market on a platform that will ensure funds safety from both the technical and legal sides.
The exchange will initially use its own assets to add more liquidity to pools that would be used by automated lending and market-making mechanisms. The backend of Bullish exchange is powered by EOSIO—open-source blockchain software developed by Block.one.
Plans for the future
Bullish exchange is planning to further broaden its offering by going public on the New York Stock Exchange by merging with SPAC company Far Peak Acquisition Crop. The transaction between the two companies will set the exchange’s value at approximately $9 billion.