Cryptocurrencies are revolutionizing payments, and many gaming operators are seeing the potential. Sean Mackay, CEO at Coin Payments, took time out to tell the News why the company’s putting a major part of its focus on the sectors. Coin Payments is commemorating its tenth anniversary this year, indicating its presence in the crypto sphere long before it became mainstream.
Originating as an extension of its primary owner’s crypto mining equipment venture. The platform emerged to address the demand from miners seeking to utilize the coins they mined. It distinguished itself by being one of the pioneering crypto payments for online gaming gateways to accommodate altcoins, not solely Bitcoin.
Currently, Coin Payments facilitates payments for over 150 cryptocurrencies and hosts wallets for more than 2,000 coins and tokens. According to MacKay. Early adopters of crypto payments for online gaming included tech firms and web hosting services. With the online gaming sector closely following suit.
“The structure of crypto aligns seamlessly with the gaming industry,” he remarks. Highlighting its simplicity as a solution that circumvents the delays associated with traditional bank card payments. Offering borderless transactions. Crypto payments ensure swift settlement, typically within seconds.
“Chargebacks are non-existent. Once it’s in your possession, it remains secure,“. MacKay asserts. Card payments in the realm of gambling are often deemed high-risk. Incurring commissions ranging from 5 to 10 percent. Conversely. Fees associated with crypto transactions can plummet to as low as 1 percent. With Coin Payments even reducing its initial fee to 0 percent.
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According to MacKay, gaming operators typically share a common objective: prompt deposits while mitigating the risks associated with cryptocurrency volatility. To achieve this. Payments are frequently converted immediately into the online platform’s native currency.
However, there has been a notable shift in the primary currencies used for crypto payments. Bitcoin once dominated the scene, constituting approximately 80 percent of Coin Payment’s payment volume until 2019. This landscape has since undergone a significant transformation in favor of stable coins.
MacKay Statement on Stable Coins:
“Stable coins have emerged as the preferred means of conducting crypto payments,”. Sean Mackay asserts, highlighting Tether (USDT) and USD Coin (USDC) on the Tron network as prominent examples, notably the latter operating as a TRC-20 token. This shift appeals to customers seeking stability amidst the volatility inherent in early-generation cryptocurrencies.
According to Sean Mackay. This overhaul essentially yields a brand-new platform. Moreover. The company has prioritized compliance efforts to venture into new markets and has become a regular participant at gaming industry events.
