Future of payments for the iGaming industry: Max Krupyshev
CoinsPaid CEO, Max Krupyshev, took center stage on the third day of the SiGMA Europe 2023 conference, delivering a keynote address that shed light on the “Future of payments for the iGaming industry.”
In his comprehensive overview, Krupyshev delved into the current state of the cryptocurrency market, revealing a notable downturn since November 2021. The total market capitalization, once reaching a record $3 trillion, has contracted to $1.3 trillion. Bitcoin, the flagship cryptocurrency, has seen a significant depreciation, losing nearly half of its value compared to its all-time high.
Despite the prevailing negative sentiment, surging inflation, and a general decline in various financial markets, the realm of crypto payments has remarkably weathered the storm. Krupyshev pointed out that, contrary to expectations, crypto payments have remained resilient, unaffected by broader economic challenges.
A key player in this landscape, CryptoProcessing.com, the leading crypto gateway, reported no decrease in cryptocurrency payments. In fact, their volumes and transaction numbers continue to climb, signaling a sustained demand for digital assets among businesses.
One sector where cryptocurrency payments are making significant headway is iGaming. Even amid bear markets, iGaming has emerged as one of the fastest-growing sectors in terms of adopting crypto payments. Throughout 2022 and 2023, there has been a consistent increase in processed volumes, showcasing the industry’s resilience.
Bitcoin stands out as the preferred choice among iGaming businesses, comprising 67% of deposits and 34% of withdrawals processed by CryptoProcessing.com. Other popular altcoins in the iGaming sphere include Ethereum, Litecoin, and Tether, with Tether taking the lead in terms of processed volumes, making up 57% of both deposits and withdrawals.
Krupyshev also emphasized the advantages that digital assets bring to high-risk businesses, particularly in the iGaming sector. Describing them as an “ace up your sleeve,” he highlighted their international nature, irreversibility, and instant transaction processing. Cryptocurrencies eliminate card payment restrictions, offer 24/7 accessibility, prevent chargebacks and rolling reserves, boast lower transaction fees, provide enhanced fraud protection, and ensure rapid payment processing—making them an ideal fit for the dynamic and high-stakes world of iGaming.
Join us in Dubai between the 25 and 27 February 2024
The fourth edition of SiGMA Eurasia expo will once again be held at the InterContinental Dubai Festival City, providing invaluable opportunities for attendees to network with industry professionals, gain exposure to the latest tech and innovations in the sector, meet key decision makers, and gain insight into new markets. Find all the details here.
