Schlagwort: crypto business

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Online gambling sector in Sweden will generate revenue of €2bn a year by 2027, according to new data

  • Sweden’s online gambling sector to hit €2bn/yr by 2027, driven by growing adoption of cryptocurrencies
  • Riksbank is wary of crypto’s role despite market growth
  • Cryptocurrencies are increasingly popular in Swedish online gambling sites

The online gambling sector in Sweden is poised for significant growth in the coming years, with projections indicating revenue reaching €2 billion annually by 2027.

This forecast underscores the robust expansion of the Swedish online gambling market, driven by evolving customer preferences and market dynamics.

Riksbank’s stance on cryptocurrencies

Despite the optimistic outlook for the online gambling sector, the Swedish central bank’s skepticism towards cryptocurrencies remains evident.

Riksbank Governor Erik Thedeen has expressed reluctance towards incorporating Bitcoin (BTC) and other cryptocurrencies into the country’s financial system.

Thedeen emphasizes the speculative nature of cryptocurrencies and the risks associated with their volatility, aligning with Sweden’s cautious regulatory approach in the crypto space.

Growing popularity of cryptocurrencies in online gambling

Despite the Riksbank’s stance, cryptocurrencies like Bitcoin are increasingly gaining traction as preferred methods of deposit and withdrawal among users of online gambling sites in Sweden.

This trend reflects the broader global adoption of crypto within the online gambling industry, offering users greater anonymity, security, and efficiency in transactions.

The Swedish gambling landscape

In Sweden, online gambling has become increasingly popular, with customers favoring the convenience and accessibility offered by digital platforms. The rise of smartphones and improved internet connectivity has facilitated this shift, allowing users to enjoy a wide range of casino games and betting options from the comfort of their homes or on the go.

Key trends in the Swedish online gambling market include the rising popularity of mobile gambling and the demand for live dealer games. Mobile gambling, in particular, has witnessed significant growth, driven by the widespread adoption of smartphones and mobile-friendly gambling platforms.

Additionally, live dealer games provide users with a more immersive and interactive experience, further enhancing the appeal of online gambling.

The Swedish gambling landscape is characterized by a well-regulated market overseen by the Swedish Gambling Authority (Spelinspektionen). This regulatory framework ensures consumer protection and responsible gambling practices, contributing to the market’s growth and stability.

Despite regulatory challenges and the Riksbank’s reservations about cryptocurrencies, an overview of the online casino sector in Sweden shows a projected expansion, driven by evolving consumer preferences and market dynamics.

According to recent data from Statista, revenue in the online gambling market is expected to reach €1.69 billion in 2024, with an annual growth rate of 6.20%. By 2028, the market volume is forecasted to surpass €2.15 billion, driven by the increasing number of users and their growing average revenue per user (ARPU).

The projected revenue growth of the Swedish online gambling sector underscores its significant contribution to the country’s economy.

Conclusion

The Swedish online gambling sector is experiencing robust growth, with revenue projections indicating substantial expansion in the coming years.

Despite regulatory challenges and the central bank’s skepticism towards cryptocurrencies, online gambling remains a thriving industry in Sweden, offering consumers a diverse range of gaming experiences and opportunities.

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Wirex Token (WXT) surges on partnerships and integrations ahead of WPAY launch

  • In the past month, WXT token has surged by more than 55%.
  • At press time, Wirex Token (WXT) was trading at $0.008041.
  • Investors are looking forward to the WPAY official launch; Wirex opened early access to WPay in January.

Wirex Token (WXT) has experienced a significant surge in value fueled by strategic partnerships, integrations, and anticipation surrounding the imminent launch of WPAY, Wirex’s decentralized payment network.

With a focus on empowering users through self-custody and seamless crypto transactions, Wirex has positioned itself at the forefront of the evolving digital finance landscape.

Wirex expanding utility and reach

Wirex Token (WXT) has emerged as a unique multi-blockchain cryptocurrency, powering Wirex’s X-tras rewards program and seamlessly integrating with the new wave of decentralized finance (DeFi) ecosystems.

Built on both the Stellar Network and Ethereum blockchain, WXT offers maximum speed, efficiency, and flexibility for users seeking direct control over their assets.

Wirex customers are rewarded with WXT for their loyalty, earning up to 4% back on purchases made using Wirex cards and up to 12% annually on their WXT account balances through the Savings Bonus feature. This incentive structure not only encourages engagement with the Wirex platform but also fosters participation in the growing DeFi landscape.

Anticipation builds with WPAY launch imminent

Wirex opened early access to WPay in January this year, and the Wirex Token price has surged by more than 70% since then.

With the official launch of the WPAY imminent, the excitement is pulpable among early investors and WXT holders.

In a nutshell, WPAY promises to revolutionize the way users interact with cryptocurrencies by offering a decentralized payment network that empowers individuals with self-custody and direct control over their assets.

Utilizing Polygon CDK’s cutting-edge technology and Gateway FM’s IP providing service, WPAY aims to provide a seamless and secure payment experience, accepted by over 50 million merchants in more than 200 countries. With security being a top priority, every transaction made through WPAY is ensured to be smooth and safe, instilling confidence in users as they embrace the future of finance.

Besides the much anticipated WPAY official launch, another factor behind the WXT price surge is the tapping of ZeroFox by Wirex to tackle dark web and money mule accounts. Also, last month, Wirex adopted cutting-edge policy management solution from Corlytics for growth.

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Crypto bullish momentum fades as BitBot demand escalates

The cryptocurrency bull run has faded recently as many investors take profits and wait for the next catalyst. Bitcoin price has retreated from an all-time high of over $73,000 to $67,000. Similarly, Ethereum token has plunged from over $4,000 to $3,320.

As a result, the total market cap of all digital coins has dropped from almost $3 trillion to $2.6 trillion. Despite these challenges, BitBot has continued its bullish momentum as its token sale jumped to over $2 million.

Why crypto bull run has faded

There are two main reasons why the crypto bull run has faded in the past few weeks. First, there are signs that the much-anticipated rate cut by the Federal Reserve will not happen any time soon. This view was supported by Friday’s strong job numbers.

According to the Bureau of Labor Statistics (BLS), the American economy added over 303k jobs in March, higher than the median estimate of 212k. The economy has added jobs for 36 straight months, the longest winning streak in years.

The unemployment rate dropped to 3.8% while the average hourly earnings rose by 4.1%, down from 4.3% in the previous month. These numbers came a few days after the ISM said that the manufacturing PMI increased in March, the first time since 2022.

There are also signs that inflation slowdown has slowed in the past few months. The headline Consumer Price Index (CPI) stood at 3.1 in February while the core CPI remained at 3.8%. The core CPI is almost double the Fed target of 2.0%.

Therefore, Bitcoin and other cryptocurrencies have dropped because most investors expect that the Fed will not cut rates this year. Other analysts expect at least one cut, down from three or four when the year started. This also explains why stocks have tumbled this week.

BitBot token sale continues

Meanwhile, the BitBot token sale has continued this week as the developers raised over $2 million, meaning that there is strong demand. Its token sale has now moved to its stage 9.

For starters, BitBot is a company that is seeking to disrupt the financial and trading industry. The developers are building Telegram bots that will send signals to thousands of customers.

To be clear: Telegram bots are not new. It is a big industry with thousands of companies offering the service. A careful look at these platforms show that most of them are scams.

BitBot aims to change this by creating a genuinely honest trading bot powered by the blockchain technology. It will also be a decentralized bot, where token holders will make decisions about the network.

Token holders will also take part in revenue sharing, get exclusive access to its products, and the ability to mingle with the community and trading experts.

Therefore, unlike meme coins like MEME, Book of Meme, Bonk, and Samoyedcoin which have no utility, BitBot will have important use. This utility could help to stabilize its price even when there is a new crypto winter.

Still, there is no uncertainty that the BitBot token price will rise after being listed by major exchanges. As a result, it is always important to use risk management strategies to prevent substantial losses. You can buy the BitBot token here.

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BlackRock adds Goldman Sachs, Citi and UBS as APs for its spot Bitcoin ETF

  • BlackRock has updated its Authorized Participants (APs) list amid huge traction for spot Bitcoin ETFs.
  • Goldman Sachs, Citadel, Citigroup, UBS and ABN AMRO join Jane Street Capital, JP Morgan, Virtu andMacquarie as APs for BlackRock’s IBIT.

BlackRock just updated its spot Bitcoin ETF prospectus, adding five new Authorized Participants (APs).

Those to make the new list of APs for the world’s largest asset manager’s iShares Bitcoin Trust (IBIT) ETF are Wall Street giants Goldman Sachs, Citadel and Citigroup.

UBS Securities and ABN AMRO Clearing are also added, according to details in the prospectus.

With this, BlackRock, whose IBIT has stormed to billions of dollars’ worth of Bitcoin (BTC) holdings for its ETF, has pushed its APs total from just four to nine.

Wall Street’s embrace of Bitcoin continues

Initially, BlackRock named JP Morgan, Jane Street Capital, Virtu Americas and Macquarie as its authorized participants. This expansion comes amid expected spike in inflows as more people seek exposure to BTC, the world’s largest cryptocurrency by market cap.

According to Bloomberg ETF analyst Eric Balchunas, Goldman Sachs, Citigroup and the other APs entry suggests “big time firms now want piece of action.” It also indicates that these companies are now open to “being publicly associated with” Bitcoin spot ETFs, he added.

“Up until now Citi, GS, UBS and Citadel were not named in any of these ETF filings. So they either new OR they were ashamed before to be ID-ed but are now cool. Either way, likely a result of the ETFs’ mega-flows/success,” Balchunas opined via a post on X.

Analysts have noted that one catalyst to the sharp spike in BTC price has been US Security and Exchange Commission (SEC)’s approval of several spot Bitcoin ETFs in January.

For instance, Bitcoin ETFs traded more than $111 billion in March, nearly three times trades recorded in February and January.

Elsewhere, the regulatory nod added to the global trend in renewed mainstream adoption of crypto, with demand for more investment assets seeing BlackRock and other firms file proposals for spot Ethereum ETFs.

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Grayscale drops Cardano (ADA) from its digital large cap fund

  • Grayscale has removed Cardano (ADA) from its Digital Large Cap Fund following a quarterly rebalancing.
  • The asset manager also removed Cosmos (ATOM) from its smart contracts fund.

Crypto asset manager Grayscale provides quarterly updates for its multi-asset funds Grayscale Digital Large Cap Fund, Grayscale DeFi Fund, and the Grayscale Smart Contract Platform Ex-Ethereum Fund.

In its latest report, the GBTC issuer said it adjusted the GDLC’s portfolio to remove Cardano (ADA).

The company noted that cash proceeds from ADA were used to purchase other assets in the fund “in proportion to their respective weightings.”

After these changes, the GDLC now holds 70.96% Bitcoin (BTC), 21.84% Ethereum (ETH), 4.52% Solana (SOL), 1.73% XRP and 0.95% Avalanche (AVAX).

Grayscale also rebalanced its smart contract platform fund after dropping Cosmos (ATOM). Notably, Cardano remains part of this fund.

According to details shared in a press release, the fund now holds 58.41% Solana (SOL), 14.56% Cardano (ADA), 12.25% Avalanche (AVAX), 8.53% Polkadot (DOT), and 6.25% Polygon (MATIC).

Meanwhile, Grayscale’s DeFi Fund remained unchanged with Uniswap (UNI) accounting for 48.74%, MakerDAO (MKR) 20.41%, Lido (LDO) 13.17%, Aave (AAVE) 9.99% and Synthetix (SNX) 7.69%.

ADA price outlook

Cardano’s current price of $0.57 is down more than 81% since the cryptocurrency reached a high of $3.09 amid a stellar 2021 bull market performance.

This cycle, ADA has struggled to break to $1. The token reached highs of $0.78 in mid-March as top coin Bitcoin raced to a new all-time high above $73k. Ethereum also broke above $4,000 to come close to its previous bull market peak.

ADA’s struggles have pushed its market cap from highs of $95 billion in September 2021 to around $20 billion.

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