Back in 2013, SoftSwiss was the first company in the world to introduce an online crypto casino solution. Now eight years on, and having been present in the iGaming market for over a decade, the company is still keen to innovate at every step of the way.
Here, SoftSwiss founder Ivan Montik shares his thoughts on the development of the online crypto casino market, as well as the key trends and opportunities it might face in the near future.
At the beginning of 2020, the forecast for Bitcoin and cryptocurrency as a whole did not look so promising due to a prolonged price slump and a severe rise in crypto crime.
However, due to COVID-19 destabilising the global economy and marketplace in March 2020 and turning everybody’s heads mostly online, it all was a game-changer for crypto. By the end of 2020, Bitcoin skyrocketed to new highs as a serious concern of macroeconomic instability drove investors toward the cryptocurrency.
Companies in the fintech and overall banking sector now understand that payments involving different currency markets have the most potential. Bitcoin and cryptocurrencies, in general, have shown that a global digital currency can drastically streamline payment processes and make life easier both for companies and clients.
In 2018, we started experiencing quite a dramatic meltdown in the cryptocurrency sector, with Bitcoin falling about 75% from its maximum value and the general token market capitalisation dropping by 80%. This of course affected public opinion and resulted in the loss of confidence in cryptocurrencies, their security, and efficiency.
Many crypto startups didn’t survive the crisis. But now, the crypto winter is officially over. The Bitcoin exchange rate has reached its historical peak and we can see huge growth in the crypto market. Big investors are quickly jumping in to do business with Bitcoin, so the confidence in the cryptocurrency is certainly back.
Therefore, in Q2-Q3 of 2020 people’s interest in cryptocurrency experienced a steep rise, as some considered Bitcoin their last refuge. Many people lost their jobs during the pandemic and realised how vulnerable their financial wellbeing is, so they started investing their money in cryptocurrencies to save what remained. Also, new jobs appeared, such as traders and crypto influencers.
Furthermore, the pandemic also accelerated the expansion of the ‘new digital normal’. Shopping and entertainment just as many other parts of our everyday lives went online and cryptocurrency became part of this new normal. It became more attractive as a tool, asset, and payment method.
Speaking more globally, the world economy is currently being reviewed and reconstructed, and cryptocurrency with blockchain is taking its place in the world’s new financial system. The trend already existed, the pandemic just speeded it up.
Advantages of casinos running on crypto
In my opinion, there are four key advantages of online casinos running on crypto payment systems compared to traditional payments. These are minimal commissions compared to fiat currency transactions and acquiring banks, instant cashouts, worldwide coverage and the ease of operating which comes from losing the need to interact with other payment systems.
Cryptocurrency casinos appeared long before COVID-19. So with more casinos now accepting crypto payment systems, I don’t think this trend has particularly appeared due to the current pandemic. In 2013 – 2014, SoftSwiss was launching 3-4 bitcoin casinos per month.
Not all of them survived the ups and downs of Bitcoin, but certain flagship projects which initially had sufficient resources and an effective marketing strategy are still successfully operating and their names are well-known in the industry. So, the trend is not new, but the pandemic speeded it all up. Let’s add the fact that the world financial system is moving towards globalisation and we get the answer to why online entertainment is turning to cryptocurrencies.
I’ve been following cryptocurrencies from the moment Satoshi became a well-known name, and now they are an important part of our business. So if you want my expert opinion, Bitcoin is still very underestimated. It is Gold 2.0 and its current value is a vivid reflection of the current market situation. It will still certainly grow in the future.
It’s been a long journey, but cryptocurrencies and blockchain are slowly but steadily penetrating all spheres of life, primarily financial and legal infrastructures. Bitcoin is a perfect financial asset, although it has its disadvantages when it comes to small transactions. For small transactions, we have other cryptocurrencies with their own blockchains. I believe that in the future each industry segment and each sphere of life will have its own token ecosystem serves all interests of shareholders.
SoftSwiss crypto casino platform
As for SoftSwiss’ expertise in the cryptocurrency field, SoftSwiss was the very first in the world who launched its very own online crypto casino platform in 2013. Time has proved that it’s the most secure platform on the market today.
It is operated as a classic online casino with the same set of games, same management, and same profit possibilities, with the only difference that players make deposits and get cashouts in cryptocurrencies instead of fiat currencies.
To make it all even smoother, we are now closely partnering with CoinsPaid, the project that enables the most efficient and safe cryptocurrency processing in online casinos and sports betting platforms. The system works with both Bitcoin-like currencies and stable coins such as USDT and brings online entertainment to a whole new level.
Speaking of innovation, SoftSwiss has very recently expanded its product portfolio with a brand new SoftSwiss Sportsbook Platform in December 2020, the product that the company’s current clients have been craving for so long. Online casino and sports betting platforms make a winning combination.
Besides that, we have a number of other projects in the pipeline to positively surprise our clients. It’s in the SoftSwiss DNA to always apply an innovative approach in pursuing new horizons and to introduce the most high-end solutions to the market.
Looking further into 2021 and ways for online crypto casino sector expansion, one of the current trends which SoftSwiss is contributing to is the further development of dice projects. Many of these have been offering just one or two games, whereas now they boast a wide range of slots, table, and live games, all enabled by our aggregator. It accumulates a large number of games from different providers all in one package.
Speaking more generally, legal regulation is still an important point when it comes to forecasting the future of the crypto casino sector. Hopefully, more online casino regulators will be taking further steps on legalising Bitcoin casinos.
With certain legal issues being eliminated, cryptocurrency startups will be more motivated to develop high-end technology solutions. It will open new horizons for new businesses and stimulate innovation.