A gambling technology giant received the green light from the US Patent and Trademark Office (USPTO) to offer its users payment options for cryptocurrencies. The company is known for manufacturing slot machines.
Players could also transfer crypto from their wallets to the casino’s
As described in the patent applications, IGT’s system consists of the following:
A system that allows cryptocurrency funds to be transferred between a gaming facility account associated with a player and an external cryptocurrency account.
The document shows some graphics from phones with images of what appear to be mobile applications and uses QR codes that transfer cryptos to the slot machines. The app also seems to act as a wallet.
In addition, the cryptocurrency would be converted to fiat after paying a fee. Technically, the patent extends beyond the slot machines as it covers services like moving crypto into the user account, as the function of the wallet suggests.
During one interview Speaking to Bloomberg Law, Phil O’Shaughnessy, spokesman for IGT, commented on the announcement, emphasizing the company’s need to prepare the ground for the future:
IGT secured this patent to strengthen its industry-leading patent portfolio in anticipation of a possible future direction of regulated gaming with cryptocurrency.
Trends in the crypto gambling industry
The announcement comes in the midst of another one that IGT was involved in won Nevada Regulatory Authority Approval to Establish Cashless Betting System on Players’ Phones.
On April 2, 2020, news.Bitcoin.com reported that Chainalysis researchers found that the downward trend in gambling activity did not appear to be related to the decline in Bitcoin prices during the decline observed during that period.
According to the analysis, this can be explained by the fact that such a market has proven to be more resilient to breakdowns in the cryptosphere.
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