Adam Davis - March 22, 2015
One issue that has been a major factor in the establishment of Bitcoin casinos into the mainstream is the lack of a clear-cut method for payment and currency exchange. Sure there are plenty of wallets and exchanges out there where casino players can convert their money into Bitcoins, but not until recently have we seen such a platform completely integrated into the framework of a casino.
Recently, a London-based startup named Cubits integrated with popular Bitcoin casino software provider Softswiss to provide the latter’s casinos with the ability to use Cubits’ all-encompassing payment platform.
So, what exactly does Cubits do? Like many other Bitcoin payment programs, Cubits offers two sides of the coin – the wallet side which is for the consumer includes the ability to make and receive payments, and a pay side which is designed for merchants to integrate their business and receive/send payments.
The integration with Softswiss has been a huge boost for Bitcoin casinos as it allows for casinos to open their doors to users who are entirely new to Bitcoin and want a smooth transition for depositing and withdrawing their money.
It is also fuel for the debate of whether Bitcoin needs gambling to survive or gambling is thriving in the new Bitcoin space. This may be a question that won’t have an answer for another few year, but the Softswiss casinos do seem to be benefiting from the integration in many different aspects of their casino game play.
BetChain’s casino host Brian Mason appears to be very much behind the power of Cubits:
“We originally thought Cubits would be a boost on the payment side of things at BetChain, but it has actually helped our marketing and affiliate programs – we are now available to a whole new market of casino players.”
There is also another very important advantage of the Cubits integration for Bitcoin casino on the legal side of things. While Bitcoin and gambling legislation is still unresolved, Cubits helps casinos invite players with fiat currencies because they are simply using Cubits, a third party platform. This is an entirely legal process and one that will help Bitcoin casinos (and their players) push into the mainstream.
Considering the early success that these casinos are enjoying, Cubits should be hitting the global market very shortly. However, Cubits is so much more than just a platform for casinos. Individual consumers can buy, sell, exchange and request money using 17 different currencies through the Cubits platform.
The site is very clean and user-friendly, and in terms of security and safety, Cubits is not taking any chances.
All funds are kept in cold storage wallets, meaning out of reach from potential hackers, and new addresses are created for individuals when making transactions. Since some of the top Bitcoin exchanges and gambling sites have shut down recently due to security problems and potential hacks, Cubits has made this a top priority.
The idea of an all-encompassing Bitcoin payment platform is a welcome one not just in the Bitcoin gambling world, but in the entire cryptocurrency space. The evidence is very clear about the success Cubits is having so far with casinos, and it’s very intriguing to see where it will expand into next.