Have you ever thought about how the cryptocurrency market influences your preferred online gambling games? This virtual form of currency, introduced in 2009, has taken over the gaming industry with its potential to make deposits and withdrawals faster and more securely without any associated cost.

As cryptos continue advancing on their path, they are also transforming all aspects of iGaming. Below are all the details regarding this meteoric phenomenon that is revolutionizing digital casino entertainment as we know it.

The Emergence of Crypto-Based Online Casinos

As the crypto revolution doesn’t seem to be stopping anytime soon, more online operators like Joe Fortune Bitcoin Casino are seeing its potential and various benefits. This is why a lot of iGaming sites choose specifically Bitcoin as their only acceptable form of payment or introduce other digital coins such as Ethereum, Litecoin, Tron, Ripple, etc.

There are several reasons why these casinos are gaining in popularity:

1. Anonymity. Bitcoin payments don’t require players to divulge any private or personal details, making it a great way for gamers who value their privacy.  As crypto gambling sites don’t save the sensitive financial information of their players this also adds an extra layer of security.
2. Speed & lower fees. This is one advantage that attracted many casino customers in the first place since cryptocurrencies allow instant transfers with relatively low fees compared to traditional online payment methods such as Visa and Mastercard credit/debit cards or e-wallets like PayPal.
3. Global accessibility. Bitcoin transactions lack geographical limitations because cryptocurrency sends across jurisdictional boundaries. It makes it a really attractive choice for those who live far away or are residing in countries whose legal system restricts regular iGaming activities. 
4. Provably fair games. Online casinos using cryptos tend to offer provable fairness games meaning that gamers can verify whether results were generated randomly after each bet by comparing server seed hashes (which must be accessible). That being said, playing on these platforms allows members peace of mind knowing they will get fair outcomes based on the implemented algorithms.

While these features make crypto-based gaming sites attractive, their novelty means that the selection of games is limited and, in many cases, still doesn’t offer top titles such as live dealer roulette or slots jackpot. 

However, there are more and more sites focused on crypto gambling that come with a wider range of choices.

Blockchain-Based Gaming Platforms

We have discussed digital coins influencing the industry, but blockchain technology is also entering iGaming. Several platforms use this innovation to focus on games based on the distributed ledger for an enhanced gaming experience with numerous features such as immutable transactions, increased transparency for users, and more secure data records.

The most significant advantages are: 

• Transparency. As blockchain processing is transparent with regard to asset verification and authentication of all the entities involved in a transaction (from both sides), gamers can rest assured that everything takes place in a secure and transparent manner. 
• Ownership & tradeability. Blockchain-based platforms such as popular Ethereum casinos offer their players ownership of in-game assets (avatars, weapons, etc) which can be further exchanged and traded privately or sold on the open market. 
• Reduced fraud. As all of the members’ interaction data and proof are stored on publicly distributed ledgers, it makes it impossible to edit them after a bet has been placed or money deposited in an account, reducing cases of fraudulent activities almost completely. 

Many things that seemed impossible in the past can now be achieved thanks to iGaming blockchain developments. We can expect to see huge technological advances in the coming years using computer processing power, AI, and machine learning, so users can have access to never-seen experiences. 

The Adoption of Tokenization and Initial Coin Offerings (ICOs) in iGaming

Tokenization and the issuance of ICOs have gained immense traction in various industries. As part of this new ecosystem, iGaming companies have started recognizing its potential by issuing their own tokens.

Nowadays, it’s not uncommon to come across a new online casino created with an Initial Coin Offering (ICO). These sites issue their coins and insist on exclusive transactions made in those cryptos. Such casinos have the benefit for operators since they can easily monetize their platform through coin sales as well as increased customer loyalty via buybacks and other buyer rewards.

The main advantage, from a player’s point of view, is that these tokens are liquid and aren’t tied to any third-party service or payment processor. This basically means one could easily convert their coins into different cryptos like Bitcoin, Ethereum, etc., or even cash them out to their bank account.

For gaming platforms, it means access to a global pool of investors – an advantage that could potentially lead to more funds and yields for projects instead of relying on venture capitalists or angel investors. For instance, the most successful ICOs can raise millions in minutes. 

Conclusion

The crypto market has significantly impacted the iGaming industry, from the emergence of crypto-based online casinos to integrating cryptocurrencies into traditional iGaming platforms. Developing blockchain-based gaming platforms and adopting tokenization and ICOs for fundraising have also shaped the industry’s landscape.

While regulatory challenges remain, the potential for further innovation and growth in the iGaming sector through the continued influence of the crypto market is undeniable.

The post How the crypto market affects the iGaming industry appeared first on CoinJournal.

• Polymesh Network yesterday announced that Binance has become a node operator.
• The price of POLYX has been skyrocketing since the news broke.
• At press time, POLYX was trading at $0.2493, up 15.82% in the last 24 hours.

Polymesh price has been surging since yesterday night after Polymesh Network announced that Binance had become a node operator on its layer 1 blockchain.

POLYX price surged to a daily high of $0.3013 a few hours after the announcement setting in place a Bull Run despite the fact that the token has since retraced to its current price.

What Binance becoming a node operator means

Binance is currently the world’s largest cryptocurrency exchange by trading volume. After becoming a Polymesh Network node operator, POLYX holders will be able to stake their tokens through Binance by the end of the week.

The exchange joins Polymesh’s 17 existing node operators.

As a node operator, Binance will help in running the Polymesh blockchain, certifying transactions before adding the new blocks on the blockchain. It will directly provide staking services to POLYX holders letting them reap rewards on their tokens.

Graeme Moore, the head of tokenization at Polymesh, in a press release on Thursday while announcing the partnership with Binance said:

“Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security.”

According to Polymesh’s leadership, the aim of Binance’s partnership is to advance Polymesh’s mission of making regulated asset trading more accessible to more clients.

The post Polymesh price trending after onboarding Binance as node operator appeared first on CoinJournal.

• Dogecoin is in green today because April 20th is ‘Doge Day’.
• The meme coin’s technicals indicate bullish momentum.
• Billionaire CEO Elon Musk continues to support Dogecoin.

Cryptocurrencies at large haven’t done all so well over the past 24 hours. But there’s one that seems to be bucking the trend – and that’s Dogecoin.

Dogecoin technicals indicate upward momentum

Dogecoin is in the green this morning as April 20^th – the “Doge Day” influenced the overall investor sentiment.

Nonetheless, a brief look at the technicals indicate that there may be more upside to unravel in this meme coin moving forward.

To begin with, Dogecoin has just had its 30-day moving average climb above the 200-day that typically signals bullish momentum. On top of that, its RSI or the Relative Strength Index has crossed 60 suggesting a further increase in price is likely.

Year-to-date, Dogecoin is up roughly 30% at writing.

Elon Musk continues to support Dogecoin

Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Remember that the billionaire recently partnered Twitter with eToro to enable crypto trading on the platform.

More importantly, it could be a significant tailwind for the meme coin if it ends up finding a spot in the digital payments plans that Twitter disclosed in January.

Earlier this month, Musk also replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog that stimulated a debate around his plans for Dogecoin.

Could today – the “Doge Day” be the day that he reveals any such plans? That remains to be known for now!

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• Alexey Pertsev is the developer of the banned Tornado Cash platform.
• Pertsev was arrested by Dutch officials in August 2022
• Previously, a Dutch court had ruled to detain Pertsev until his next hearing in late April.

Tornado Cash (TORN) price is up 15% after a Dutch judge ruled to release Alexey Pertsev, the developer of the mixing service Tornado Cash.

Despite Tornado Cash being banned, its native token TORN has been performing quite well recently. The token has appreciated by over 30% in the last seven days.

Alexey Pertsev arrest and detention

Dutch authorities arrested Alexey Pertsev in August 2022 almost immediately after the United States Treasury Department sanctioned Tornado Cash.

The US Treasury Department alleged that several hacker groups including North Korean state-backed Lazarus Group used the crypto mixer to launder stolen assets. It asserted that hackers laundered over $7 billion worth of cryptocurrencies since 2019 including the $80 million stolen from the Ethereum-based stablecoin protocol Beanstalk Farms in April 2022.

However, the Tornado Cash ban attracted criticism from several players including from crypto advocacy organization Coin Center which filed a legal complaint in October 2022, asserting that the Treasury was overstepping its power with the sanctions targeting crypto investors in the US. Coinbase also recently backed a lawsuit by six complaints against Tornado Cash.

Two months ago, a Dutch court ruled to keep Alexey Pertsev detained until his next hearing later in April although that has now changed after a judge ruled that he would be released though under strict conditions.

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• Cardano TVL increased 172% QoQ, from $50.8 million in Q4, 2022 to $138.3 million in Q1.
• Indigo and Djed stablecoins catalysed overall growth in Cardano’s TVL, with 72% and 27% volume spike respectively.
• ADA price also rose in Q1, rising by 54% amid a broader bull rally for cryptocurrencies.

Cardano, currently the seventh-largest crypto network by market cap, had a significantly positive first three months of the year.

Insights for the Cardano ecosystem for Q1 that crypto market research platform Messari shared on Tuesday shows that the proof-of-stake blockchain network recorded significant increases in both financial and ecosystem metrics over the quarter.

In particular, Messari says in its State of Cardano Q1 2023 report that the ADA network’s market cap and total value locked (TVL) in DeFi saw substantial bumps. The growth came as Cardano saw increased adoption for new stablecoins amid notable technical developments around network scalability and VM compatibility.

Among the key developments was the deployment of multiple layer-2 solutions on the Cardano mainnet. Also notable was the increase in sidechains that continue to bolster cross-chain compatibility.

It is notable however that Cardano saw decreases in new addresses (by 71.5%) and in average daily transactions (by 10.6%) QoQ. Daily NFT transactions on the network also fell in Q1, declining by 27% as daily unique buyers shrunk by 23%

Cardano’s DeFi TVL grew 172% in Q1, 2023

An ecosystem overview of Cardano shows DeFi TVL increased 172% quarter on quarter, jumping from $50.8 million in Q4 2022 to $138.3 million at the end of Q1, 2023. DeFiLlama data shows Cardano’s DeFi TVL has increased 39% in the past month to $171.28 million, with stables accounting for over $12 million.

According to Messari, the increase in Q1 was primarily driven by broader growth across established ecosystem protocols like MinSwap, and greater adoption for newer protocols and stablecoins. This included TVL growth for ADA-backed stablecoin protocol Djed, synthetic assets and stablecoins issuer Indigo and Cardano-based borrowing and lending protocol Liqwid Finance.

Stablecoin volume on Cardano grew 261% QoQ, faster than overall TVL

As noted above, stablecoin volume on Cardano exploded in Q1 and grew at a faster rate than the network’s overall TVL. Although there are three stablecoins live on Cardano – Sharelake’s RUSD, Indigo’s IUSD and Djed’s DJED – the largest amount of volume was from just two.

Indeed, Indigo’s IUSD and Djed’s DJED helped push overall stablecoin value in the Cardano ecosystem up by 261%, from $2.8 milllion in Q4 to $10 million at the end of Q1. This was as a result of IUSD volume growing 72% in the quarter, while DJED saw a 27% increase. RUSD’s volume dominance was less than 1%.

Increased interest in the newer protocols saw the dominance of leading DEXs such as Minswap, SundaeSwap and WingRiders decrease over Q1, Sheehan noted in the report.

ADA price rose 54% in Q1 amid growth in other financial metrics

In terms of price action, data shows Cardano’s native coin had its value up by 54% in Q1, with ADA price mirroring the broader market uptrend in Q1, 2023. As of 18 April 2023, Cardano price was at $0.44, up more than 30% in the past month and over 77% higher year-to-date.

Meanwhile, Cardano’s treasury balance grew by 100 million ADA to 1.21 billion. Growth value in terms of ADA and USD was 9.1% and 66% QoQ respectively. The treasury balance in USD terms rose from $278 million to $460 million.

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