Cubits – Bitcoin in iGaming: A Match Made in Crypto
Bitcoin Press Release: Cubits, a Berlin-based Bitcoin startup, aspires for a more Bitcoin-accepting world. As more communities warm up to the use of cryptocurrency, companies like Cubits find it ideal to create and develop a Bitcoin-related project to address the further need for diversification in the industry. Hence, the pursuit of Bitcoin integration in iGaming has come afloat.
Tim Rehder, CEO & Co-Founder of Cubits, discusses this very significant connection. In a release, he stated,
“Bitcoin combines the best attributes of an ideal iGaming payment method. Lengthy banking processes are ditched for the most user-friendly way to transact. For gamers, it offers real time transfers to a selection of platforms all over the world. Especially instant withdrawals, i.e. cash outs, give gamers a feeling of security. Bitcoin also protects their privacy beyond the gaming environment. Naturally, some players also appreciate the chance to win twice off one balance, due to the intersection of currency speculation. Since online gaming as an industry does solely rely on the flow of funds, the absence of friction of international Bitcoin payments offer the invaluable ability to serve the global market. On top of that, Bitcoin is an irreversible payment method, shielding operators from many types of fraud and uncertainty.
Online gaming attracts millions of users globally every day. With a market size that increased from 7.4 billion USD in 2003 to 41.4 billion USD in 2015 and annual growth forecasts of above 10% until 2018, the potential of this industry is undeniable. However, fierce competition keeps online gaming operators on their toes and on the search for an edge to stand out. In that respect, Bitcoin makes for a promising addition. It is estimated that approximately 40% of the today’s global Bitcoin volume is related to online gaming, there are over 150 Bitcoin-only casinos and several hundred gambling sites worldwide that accept Bitcoin – a trend that is increasing. Bitcoin has started to disrupt the iGaming market and meets all the requirements to become the number one payment method for online gamers.”
There are also statements from key people in the iGaming industry, such as Tim Heath, CEO at Coingaming.io, “Hail a cab, use Uber, looking for companionship, open Tinder. Bitcoin provides that adjunct for on-demand gaming experience and gratification. With instant transfers, discreet methods and its borderless fulfillment, allowing a payment from anyone, anywhere within the online gaming ecosystem.” Also, according to Christer Fahlstedt, CEO of TAIN, “At TAIN, we have always been looking at upcoming developments in the online gambling space, which is why we have integrated Bitcoin fully into our platform and are able to offer a full range of online gambling services utilizing Bitcoin to all operators on the TAIN platform.”
Softswiss CEO, Ivan Montik, has vouched for Cubits, stating, “We always carefully select software partners, literally paranoid about informational security and how prospective partners treat it. Finally, we found Cubits” whilst for Hartmut Weber, CEO of Arland, he states, “Through Cubits, we can offer our customers a seamless user experience. Paying with Bitcoin offers characteristics that are crucial for stakeholders in the iGaming industry.” Finally, according to Paul Kase, Co-Founder & Managing Director at Lionline, “Cubits opens doors to a large new customer base and offers our customers an alternative payment method, which protects their privacy, improves their user experience and simultaneously protects us from volatility. What else could you want?”
Cubits has developed various innovative API features that allow for real-time tracking and instant acceptance of Bitcoin deposits and remain the only European player to offer such a solution for businesses. The benefits are fast and secure Bitcoin payments for a more efficient transaction process, attracting well-known players from the industry such as Betconstruct, Betsat, Löwenplay, Gametwist and approx. 300 more. With support for unique Bitcoin addresses directly tied to the user’s account on the specific platform, Cubits further enables seamless funding for any online gaming website.
They have recently added credit cards (Visa + MasterCard) to their payment methods, and they now also accept Dotpay for their Polish customers. For them, it is really important to offer their customers a wide range of payment methods when it comes to buying bitcoin. Cubits is planning to add more payment methods in the near future.