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Betting on Cryptocurrencies: How One Company Pioneered a New Era in Online Gaming
Softswiss is a Business Reporter client.
Cryptocurrencies are revolutionizing the financial landscape and influencing every sphere of business. Their integration into the iGaming industry has ushered in an era of transformation, fundamentally changing the way online gaming platforms interact with players. At the forefront of this revolution is SOFTSWISS, the expert in software development for the iGaming industrywhich pioneered the adoption of digital currencies in online gaming.
Bringing encryption to iGaming
The significant role of cryptocurrencies in iGaming owes much to a single technological innovation: that of SOFTSWISS pioneering launch of its Crypto solution in 2013making it the world’s first crypto iGaming provider.
This innovative development has taken the company from startup status to global industry leader over the past 15 years. Today SOFTSWISS brings together over 2,000 professionals from 30 countries in four offices around the world.
“In 2010 and 2011, Bitcoin cost nothing,” says Ivan Montik, founder of SOFTSWISS. “My interest in Bitcoin was not driven by its financial promises, but rather by the captivating mathematical algorithm it uses. I couldn’t foresee its immense potential then, but my team and I had faith in its technology. As SOFTSWISS transitioned from a small outsourcing startup to a product-oriented company in the competitive iGaming industry, we recognized the need for a distinctive feature to differentiate ourselves and meet customer demands. Crypto solution emerged as a distinctive feature.”
Once I created a landing page about this product on the company’s website, it took a leap in Google page rankings. “We received many requests from all over the world based on cryptocurrency-related keywords, giving the impression that people were waiting for this solution. And we were the company that could meet their needs,” recalls Montik.
Market expansion
Setting a new benchmark for the industry, SOFTSWISS has evolved into a software ecosystem provider. Within this ecosystem, operators can find all the products and tools needed to launch and grow their iGaming businesses.
The iGaming industry is experiencing rapid growth, with revenue doubling since 2020 and expected to reach $110.66 billion by 2025. As a result, this sector is attracting new technologies and top tech talent. Technological superiority has become the key success factor in this field.
“Our strength lies in our deep technological expertise and high motivation to deliver exceptional products. Guided by the principle “if you want it done well, do it yourself”, we created the SOFTSWISS ecosystem. Whenever our customers found a lack of high-quality solutions on the market, we took the initiative to develop and implement them ourselves. As a result, our customers now enjoy comprehensive support, covering licensing, payment system integration, game content integration, technical support and game support services,” says Montik.
Anchoring success
In 2020, SOFTSWISS expanded its cryptocurrency strategy by focusing on the emerging crypto casino segment. Initially, these casinos only offered a few basic crypto games. The landscape has changed radically with SOFTSWISS introducing its flagship product, the game aggregator. This solution has provided thousands of high-quality games, including those specifically designed for cryptocurrencies. Its integration has allowed platforms such as Stake, Roobet and BC.Game to significantly expand their offerings and become top-tier crypto casinos.
“SOFTSWISS seamlessly integrates crypto gambling into its strategy, focusing on building expertise and developing crypto-compatible products,” says Montik. “One notable feature is in-game currency conversion, which allows players to convert their crypto balances into fiat currencies. This feature allows them to participate in games that may not inherently support encryption. Surprisingly, 85% of all bets in crypto casinos run by SOFTSWISS casino platform are facilitated through this tool.”
Looking to the future of cryptocurrencies
Montik shares his vision: “Cryptocurrency brings significant benefits to the gaming industry, enriching user experience with its user-friendly features. Despite the challenges posed by different cryptocurrency regulations across jurisdictions, the trend towards integrating digital currencies alongside fiat money is evident. Blockchain technology ensures security and transparency, mitigating fraud and promoting trust between players and operators.”
Second Statista.com, the global cryptocurrency user base nearly doubled from 2021 to 2023, reaching 575 million by November 2023. This growth is driven by users’ technological savvy and desire for convenience. As cryptocurrency adoption expands across different regions and age groups, its growth potential extends across all industries, including iGaming.
For more information please visit www.softswiss.com.