GoCoin has become an active participant at the EiG2014 iGaming conference in Berlin. Earlier in the week, GoCoin, a cryptocurrency payment processor who provides merchants the ability to accept payments in bitcoins, dogecoins, and litecoins, annocuned that it had partnered with Ilixium, a provider of payment processing solution to the various industries including the iGaming sector. According to terms, using GoCoin’s technology, Ilixium would now be able to introduce cryptocurrencies as a method of payments to their iGaming customers.
Following on that deal, GoCoin has announced that it has been chosen by iGaming operator Cozy Games to provide cryptocurrency payments to their gaming customers. According, to GoCoin, once integrated and launch to accept bitcoins, dogecoins, and litecoins, Cozy Games will become the first regulated iGaming firm to accept cryptocurrencies. (Bitcoins and the like are currently being accepted at an array of iGaming firms of unregulated entities.)
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As a regulated entity under theby the Isle of Man Gambling Supervision Commission, among Cozy Games requirements is adhereding to Know Your Customer (KYC) rules and customer age minimums, which adds an addition level of account verification for accepting bitcoins. However, for Cozy Games, the addition of cryptocurrency payments provides a funding alternative for unbanked customers. In addition, as gambling related products are viewed as ‘high risk’ by banks, iGaming operators are often vulnerable to higher fees for credit card transactions compared to typical ecommerce firms.
On this, Steve Beauregard, co-founder and CEO of GoCoin stated that “By accepting cryptocurrencies through the GoCoin payment platform, regulated online gambling operators can engage new markets like the underbanked that are historically difficult to reach. Our engineers are actively working with regulators to develop clear guidelines that stay within the law while also respecting a player’s right to privacy.”