The invention of Bitcoin in 2009 was an incredibly significant event in the financial world, but only a handful of people could see its potential during its nascent stage. What started as a peer-to-peer version of electronic cash has paved the way for some of the most profound innovations in 21st-century fiscal technology. While Bitcoin still takes the crown for being the most secure store of value, alternative forms of cryptocurrencies and their underlying technologies have made it incredibly convenient to send, receive, and exchange money across the globe almost instantly. As of press time, this emerging financial ecosystem has managed to reach a market capitalization of $341 billion, making it the only technology to have gathered so much value in the first decade of its existence.
The ease of transacting using just a smartphone or a computer has piqued the interest of millions of people worldwide and this has given a tremendous opportunity for digital payments companies to create customer-centric products to store and spend cryptocurrencies. With an increasing number of people shifting towards digital assets in this day and age, online retailers and stores have started offering cryptocurrencies as one of the payment methods – a feature that was largely lacking in the e-commerce industry until 2019. Ever since mammoth companies like Microsoft, Overstock, and Burger King started accepting Bitcoin as a form of payment, there has been a strong demand for reliable fiat-to-crypto wallets that offer robust security features while still being easy to use. This interest from the masses is not restricted to only e-commerce or retail, but other online industries such as gaming are also now becoming cognizant of the potential of blockchain technology and digital currencies to support in-game transactions like making purchases and redeeming rewards.
Sitting at the intersection of this recent retail interest and the crypto payments industry is DAO Wallet – a digital payments solution that enables online merchants to accept payments in cryptocurrencies from their users. DAO Wallet is built to be a slick, customer-driven solution for merchants who are keen to engage customers from new demographics and markets, and for end-users who are looking to securely transact with digital assets. For gaming enthusiasts, DAOWallet offers deposits and withdrawals to and from their crypto account in a simplified manner. The team has come to be known for their ability to do all the heavy lifting in terms of platform integration and compliance allowing their users to focus on the more important things. Their solution has helped millions of people transact effortlessly in the gaming world while also being heavily implemented in the online casino industry, where people place bets to the tune of 337 BTC every second of the day.
Today, given the potential for brick and mortar casinos to become hotspots for Coronavirus, a majority of the casino industry has been forced to scale back operations or shut down completely. Research also indicates that people have been spending more time on their devices and have drastically reduced social activities since the COVID-19 lockdowns were initiated across the world. While the situation itself is quite appalling, this has seemingly been a good thing for the online gambling industry as more people flock towards this hobby. The industry, which is witnessing a sharp increase in new customers since the lockdowns have started, is on track to hit a CAGR of 13.2% in 2020 giving it a market value of $66.7 billion. This puts DAO Wallet at a tremendous advantage as it opens up its service to thousands of new customers looking for a smooth experience and secure features baked into a mobile app.
What’s Next for DAO Wallet
Owing to some of the newer implementations of crypto like DeFi and flash loans, there has been a notable spike recently in the use of Stablecoins such as USDT, USDC, and DAI. With an existing framework that supports Bitcoin, Ethereum, USDC, and TrueUSD, DAO Wallet has positioned itself as a future-ready service that is equipped to take on this fresh cohort of retail users regardless of their choice of digital currencies. In a recent interview, Mr. Glen Bullen (CCO – DAO Wallet) said that the company is setting up for major partnerships to come in Q4 2020, and hinted that a potential EOS integration will be implemented soon. Online payment merchants will also be pleased to know that apart from the aforementioned digital currencies, they can also offer fiat payment options including Euro via SEPA and USD via Swift to provide a flexible checkout experience for their vendors or users. Not only does this open up a wider customer base for the company, but it also makes the platform more adaptable to banking regulations across the globe.
The online gambling industry has historically been an early adopter of various futuristic technologies and the recent developments in this space like Blockchain, IoT, and VR has opened up a multitude of possibilities for businesses to engage with their customer base. As an increasing number of industries adopt this tech-focused approach to innovation, service providers like DAO Wallet will become even more essential to help people adapt seamlessly to the ever-changing monetary dynamics of our world.