Paxful is a leading peer-to-peer, over-the-counter cryptocurrency exchange that is partnering with a cryptocurrency-friendly casino called BSpin to make gambling with cryptocurrencies easier for end users.
BSpin Casino is integrating Paxful as a payment option by integrating the site’s marketplace, Paxful Kiosk. The whole point is to make the gaming experience easier and more secure than it would be on other sites, according to a statement released by the joint venture.
The CEO of Paxful, Ray Youssef is hopeful that the deal will help elevate the entire crypto betting community. “We hope we can help add a level of trust and transparency to the crypto betting community.”
How Paxful Makes It Easier
Paxful will make it easier for gamblers to get in the game because merchants using the platform can accept more than 300 different kinds of payment. The kinds of payment include gift cards sold by Xbox Live and Applebee’s restaurants. Imagine having a video gaming gift card with spare change on it or forgetting to go to that restaurant, and instead turning your cards into a Bitcoin jackpot? That’s what Paxful and BSpin hope to drive engagement.
Just one month ago, Paxful announced that more than three million crypto wallets are now open on its platform. 800,000 of those wallets have been opened just this year alone and nearly half of the platform’s users live in Africa alone.
It’s because of the location of the users that crypto exchange arbitrage is one of the top reasons people outside of Africa are using Paxful.
What Is Arbitrage?
Arbitraging is when a user buys an asset on one cryptocurrency exchange at a low price, and sells that asset on another exchange at a higher price. This works because the world’s economies don’t value a dollar the exact same way. The world’s economy is always in flux, meaning there are always opportunities to capitalize on price differences between economies.
How does this relate to gambling? A sharp bettor will do the same thing with online casinos. Shopping for the best price on a sports bet, or the best odds on a gaming table is a key strategy to being profitable long term. Even a slight difference in payout from one site to another can equate to significantly more money (or Bitcoin) earned in the long term. As the saying goes, a penny saved is a penny earned.
Are These Partnerships the Future?
Paxful’s gambling related transactions take place through the Paxful Kiosk. That’s the peer-to-peer marketplace. The exchange’s market share is certainly growing, but it’s far from the only game in town when it comes to making gambling with cryptocurrency easier.
Bitcoin.com signed a deal with a Canadian gambling site called Bravio which was also announced last month. That partnership allows players to buy tickets to big-time lottery jackpots like Powerball, which routinely offers the public jackpots in excess of hundreds of millions of dollars.
Bravio will host all of this on Bitcoin.com’s new lottery page, meaning that the partnership will definitely gain tons of public exposure. Bitcoin.com after all is one of the most well-branded, highly-visited websites in the blockchain industry. The whole goal of the partnership is to make it easier for gamblers to get in on the lottery jackpot with no need for any human being to touch the assets involved. This is the opportunity that blockchain affords Bitcoin.com, Bravio, Paxful, BSpin and gamblers a much more seamless way to track their money, track their winnings, and hold those funds in wallets without having to worry about how to make the experience easy.
Improving ease of use is the next step in accelerating adoption and its obvious Paxful, BSpin and competitors are dedicated to making placing wagers in crypto easier.