Global payments provider Paysafe has launched Pay with Crypto, a dedicated digital asset funding channel aimed directly at the US iGaming market. Built in collaboration with MoonPay, the integration allows players to deposit funds using stablecoins and other approved cryptocurrencies where it is allowed.
The rollout directly answers a major shift in how American players want to handle their bankrolls. Recent data compiled by Paysafe indicates that nearly 70 million Americans currently hold digital assets, with 83% of US gamblers expressing a clear preference for cryptocurrency at the cashier. Also, recent Paysafe research revealed that over half of the Super Bowl bettors wagered through online ways during this big game.
Zak Cutler, the President of Global Gaming at Paysafe, identified the US move of crypto from mostly being an investment asset toward becoming a legitimate payment method as a result of the increasing popularity of stablecoins. He said that Paysafe is happy to support the introduction of Pay with Crypto, which he describes as a pioneering game-changer for customer payment options by US operators and the gaming transaction of the next generation.
The new Pay with Crypto solution offers casino operators the ability to turn crypto deposits into fiat immediately so users can continue playing. When a user chooses Pay with Crypto and a particular stablecoin or cryptocurrency, they then link their crypto wallet in order to proceed with the deposit. MoonPay’s Commerce Checkout also includes support for QR code transactions on mobile devices.
After verification, the crypto gets converted to USD immediately and is reflected in the player’s balance. Operators are also given options, they can choose to get their settlements fast in stablecoins via crypto wallets or in US dollars or other leading fiat currencies through MoonPay’s Virtual Accounts powered by Iron.
MoonPay’s CEO and founder, Ivan Soto-Wright, recognized that crypto rails are augmenting the pace and effectiveness of doing payments and that their team is looking to connect the technology with how it can be used in the real world. He observed that people should ideally not be required to convert their digital assets for purchases since they would rather spend what they already have.
Editor-in-chief and creator Cole Smith of casinocurrencies.com, has extensive experience with casino payment systems, The site was created to provide an honest and trustworthy resource for online gambling players.