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(AsiaGameHub) – Global payments platform Paysafe has introduced Pay with Crypto, a new payment method that allows iGaming operators and daily fantasy sports platforms in the US to accept cryptocurrency.
Paysafe Introduces New Crypto Payment Method for Online Gaming
Developed in collaboration with MoonPay, the service lets users deposit funds into their gaming accounts with stablecoins or other cryptocurrencies where allowed. This launch coincides with growing consumer demand for using crypto in daily transactions. Paysafe highlighted that around 70.4 million Americans hold cryptocurrency, and 83% of US players are interested in it as a payment method. A recent Paysafe study also found that more than half of Super Bowl bettors placed their wagers online.
Zak Cutler, President of Global Gaming at Paysafe, commented that with the increasing adoption of stablecoins, cryptocurrency in the US is evolving from an investment vehicle into a practical payment tool. He expressed that Paysafe is excited to launch Pay with Crypto, characterizing it as an innovative solution to help US operators adapt to changing customer payment demands and advance the future of gaming transactions.
How Does This Payment Work?
The new payment option from Paysafe allows gambling operators to instantly convert cryptocurrency deposits into US dollars for immediate play. To make a deposit, players select Pay with Crypto, pick their preferred stablecoin or cryptocurrency, and link their crypto wallet. Transactions via QR code on mobile devices are also supported by MoonPay’s Commerce Checkout technology.
Following verification, the cryptocurrency is immediately exchanged for US dollars and added to the player’s account. Operators are given settlement flexibility, with the choice to receive funds almost instantly in stablecoins to their crypto wallets, or in US dollars and other major fiat currencies through MoonPay’s Virtual Accounts powered by Iron.
Ivan Soto-Wright, Founder and CEO of MoonPay, said that cryptocurrency infrastructure is improving payment speed and efficiency, and his company aims to connect this technology to practical uses. He emphasized that consumers want to spend their existing digital assets directly without needing to convert them first. He concluded by stating that Paysafe is aiding in bringing this functionality to a wider user base via secure, regulated platforms.
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