Bitcoin payment methods are becoming a major factor in online and mobile gambling.
UK billionaire Richard Branson, Google investment division GV, and venture capital firm Lakestar are among the latest wave of investors in the bitcoin wallet startup, Blockchain. In the latest round of funding — which included Digital Currency Group, Nokota Management, and returning investors — Blockchain received $40 million from investors, which brings the total to $70 million in capital.
Blockchain is a 2011 startup which now is available in over 130 countries worldwide. Blockchain’s product offers digital currency wallets using the bitcoin underlying system, along with and analytical tools for businesses. Previous investors included Lightspeed Venture Partners, Mosaic Venture Partners, and Prudence Holdings. Richard Branson and his Virgin brand made contributions in earlier rounds of investments, too.
Blockchain Expands Global Network
With the capital, Blockchain plans to expand its global operations by a significant margin. The ultimate goal is to provide services in over 190 countries worldwide.
The latest phase of growth comes at a time when bitcoin services and block chain technology is advancing in online vendor sales, including a rapid advance in the online gambling industry.
Blockchain co-founder Peter Smith said of the partnership with major companies like Google and Virgin, “Our mission ‘to create an open, accessible, and fair financial future for billions across the globe, one piece of software at a time’ is a lofty one. This capital moves us one step closer to delivering on that mission and will ensure we can take a very long-term view.”
Peter Smith on Bitcoin’s Potential
Currently, bitcoin is trading at $2,706.50. Though that number is down a bit from its all-time high over $3000, Smith claims the cryptocurrency has a much grander future. Earlier this year, Smith and Snapchat founder Jeremy Liew predicted bitcoin would trade at $500,000 by the year 2030.
Peter Smith, who certaintly has a talent for public relations, believes bitcoin payments is a revolution in the global financial system, which has not changed substantially for generations. Smith told Business Insider, “The 14 trillion dollar financial services industry hasn’t meaningfully changed in over a century. Blockchain is on a mission to create a financial system that is faster, more inclusive, and radically different than the status quo.”
China and Japan Recognize Bitcoin
Governments are starting to take notice of the cryptocurrency. In mid-March 2017, China’s Central Bank passed regulations which required transparency and anti-money laundering measures for bitcoin payments. Ten days later, the Japanese Cabinet determined bitcoin was a valid method of payment.
Meanwhile, blockchain technology continues to advance. Craig Wright, the Australian businessman who claims to be bitcoin’s (perhaps fictional) founder, Satoshi Nakamoto, filed over 70 blockchain patents with the government of the United Kingdom.
Craig Wright’s Blockchain Patents
Calvin Ayre, the founder and former CEO of Bodog, was reported to be bankrolling Craig Wright’s innovations. Earlier this month, Mr. Ayre spoke at a Canadian gaming conference about the revolutionary nature of bitcoin, saying the virtual currency would limit the need for regulators of the online gambling industry in the future.
Bitcoin payment methods are becoming a popular alternative for online casinos, poker sites, and sportsbooks. The combination of security, speed, and privacy makes bitcoin wallets a popular choice. While most online gambling payment methods have instant deposits, most withdrawal methods take days or even weeks. Bitcoin allows transfers instantly; as the encrypted information is added to the block chain, a cashout usually reaches a bitcoin wallet within 10 minutes.
