A cryptocurrency founded by a 29-year-old Peking University grad and Jack Ma protégé has emerged at the centre of a decentralized online gaming movement which is seeing thousands of users gamble tens of millions of dollars per day.
The rising popularity of slots and RNG table games is challenging live casino’s long-held reign as the dominant product vertical in Asia’s online space.
Bitcoin has regularly made the headlines in recent months, its price surging towards the $5,000 mark - four to five times its value at the start of 2017 - predominantly driven by interest in Asia. It has also emerged as a viable gaming currency, with online operators discovering that users, particularly in Asia’s grey markets, are keen to embrace a currency that is secure and easily deposited and withdrawn.
Cryptocurrencies such as bitcoin are providing online operators with a new route into the Asian markets that have historically proved tough to penetrate due to the lack of conventional banking options. In fact, experts say bitcoin is already making a sizeable contribution to online gaming in Asia.