The segment of the poker population that dabbles in cryptocurrency might be familiar with CasinoCoin. Probably not, though.
According to its website, “CasinoCoin is an open source, peer-to-peer cryptocurrency specifically designed for the regulated online gambling industry.”
The fallout from Black Friday made online gambling transactions difficult for Americans, in particular. CasinoCoin was a direct response to that, and it facilitates things like peer-to-peer transactions and exchanges across multiple platforms.
Dubbed “universal casino chips,” the currency launched in July 2013 with about 336 million coins in reserve. There was a nibble from the industry, including a CasinoCoin-specific poker site, but it’s never really gained much traction.
Like the currency itself, the future of CasinoCoin is a little cryptic:
In mid-2017, CasinoCoin was taken over by a new team that is in the process of building features that are not only next generation in terms of value and functionality for the regulated gambling industry, but also features that will put CasinoCoin on the cutting edge of all cryptocurrency. Stay tuned!
Recently, CasinoCoin announced its relaunch under the direction of its new team, the Double C Foundation. The aim, according to the press release, is to bring cryptocurrency gaming to a wider audience.
As part of a broader relaunch, the newly-established and non-profit Double C Foundation will promote adoption and best-use practices of CasinoCoin in regulated gambling markets, and help realise the continued optimal technological performance of the coin and its underlying blockchain.
The release also makes brief mention of some of the features in development, including built-in KYC (know your customer), anti-money laundering technology, and responsible gaming controls.
Although it’s failed to gain broad appeal, the new team behind the message makes CasinoCoin worth a second look. The Double C Foundation is composed of some pretty smart folks.
Caldwell shared his vision in the relaunch announcement:
The only sustainable way forward for cryptocurrency in the gambling world is to work with regulators and operators from day one and focus on regulated markets.
Our aim with CasinoCoin is to provide a currency and related technical tools that are designed and accessible for both operators and ordinary players in the regulated gambling industry.
The foundation aims to educate the industry on the benefits and best practices for cryptocurrency. It conducts conferences and webinars for organizations, asking only for reimbursement of travel costs.
The Double C Foundation is based in the Isle of Man.