Curaçao Licences 1st Blockchain CasinoTia Winter | 23 February 2018
Blockchain Technology Potential
The full capacities of blockchains are yet to be explored, but it does seem that licensing blockchain casinos will allow for better validation and credibility as well as further integration of cryptocurrencies into everyday life. Monitoring the use of cryptocurrencies is also made a lot more possible with licenses like the one Curaçao gave to Edgeless Casino.
Benefits for Players
With Edgeless Casino being licensed and regulated by a trusted authority, the blockchain casino must comply to certain standards and players have recourse if anything goes wrong. For Edgeless itself, its access to the gambling market is increases along with its credibility. This paves the way for successful partnerships with exchanges and new access levels to payment providers, banking services, media networks and more.
Players are more protected, and Edgeless is more trusted and exposed to the public. Curaçao’s decision to license the casino benefits both parties, and as cryptocurrencies become more regulated and a bigger part of global economies, there should be some serious financial benefit too. The cooperation of legal authorities, gambling and cryptocurrencies has been given a major boost. More explorations and developments are required, and to this end there will be first-hand information and discussions on gambling’s future at ICE London 2018.
Careful Strategy for Operators
Edgeless Casino is based in Lithuania, a country that is becoming known for its crypto-development, so it is not surprising that its operators have recognised blockchain potential. Edgeless saw how using cryptocurrencies could provide an edge over traditional online casino, and the licence from Curaçao allows that to happen.
This is not the end of the story for Edgeless; the operators plan to get licenses in other jurisdictions and gain a competitive advantage there too. The Edgeless legal team will soon be focusing on this. Edgeless aims to be completely transparent, reassuring players and authorities, and blockchain technology is famous for ensuring such openness. When Edgeless joins Ethereum’s network later this year this transparency will be optimised and the possibility of cheating will be nearly eliminated.