Bitline Unveils Groundbreaking Cryptocurrency Technology

The casino industry is set to undergo a major transformation with the introduction of new blockchain technology that will allow casino patrons to use cryptocurrency to gain direct access to the gaming floor. This revolutionary technology, which is expected to be available worldwide, is being developed by mobile app Bitline, following a recent partnership agreement with Everi Holdings, a prominent player in the gaming industry.

Bitline CEO Richard Jones emphasized the significance of this technology, stating that it will provide players with instant access to the casino floor using digital assets, something that has not been possible until now. This means that players will be able to obtain up to $10 million worth of casino chips at any time while ensuring compliance, transaction monitoring, banking, and other regulatory requirements are met. Additionally, all transactions will be secure, offering substantial benefits to the casino.

The development of this technology has been in progress for approximately a year and a half, with noteworthy institutional partnerships in the areas of security and compliance contributing to its realization. Collaborations with industry leaders such as Everi, Fireblocks, and CipherTrace have facilitated the necessary transaction monitoring and verification.

Victor Newsom, Everi’s Senior Vice President of Product Management and Payment Solutions, highlighted the importance of partnerships in ensuring compliance and regulatory licensing for this groundbreaking app. He emphasized that the app will be advantageous for the industry, providing an opportunity to adapt to changes while maintaining the regulated gaming space.

Jones mentioned that Bitline’s presentation at the Global Gaming Expo in October featured the app as one of the most demonstrated products, and the official launch is expected to take place by the end of the year or in the first quarter of 2024. Following the launch, expansion into new markets and casinos is anticipated.

In essence, this new technology represents a significant advancement for the casino industry, offering a seamless integration of cryptocurrency assets into the gaming floor. With partnerships playing a crucial role in its development, the app is poised to bring about substantial changes in the industry.