Categories: Casinos

Cloudbet Now Allows Betting with Gold

Pioneering crypto casino and sportsbook Cloudbet has been known for pushing some of the biggest developments in the crypto betting industry. The company has been working very hard to push its business forward and in mid-October, it debuted yet another significant feature that has sent ripples through the sector. Cloudbet customers will are now able to bet online with gold.

Pax Gold otherwise referred to as PAXG, will be one of the many forms of payment that will be available to the platform’s users. Every unit of PAXG is backed by one fine troy ounce of a gold bar. The physical gold assets are in this case held in custody by the Paxos Trust Company. For many people, this makes the gambling platform more attractive since the virtual currencies in use are tied to physical assets and are therefore inherently more stable.

The historical decision to allow crypto users to bet using gold is, without a doubt, a very unique milestone for the evolution of the crypto sector especially with regards to the tokenization of physical assets. This simply means that gold has been made divisible, tradeable, and much easier to exchange on the online space thanks to smart contracts and blockchain technology.

According to a spokesperson from Cloudbet, this decision is definitely customer-centered in as much as it is also going to benefit the company significantly. The goal is to allow their users to “express their spending habits through the assets they choose to hold, rather than having to use currencies to which they hold no philosophical or economic attachments.”

The Stablecoin Revolution

PAXG is not the only stablecoin that Cloudbet customers have access to. The online gambling platform has already integrated USD Tether and USD Coin which are by far the most popular stablecoins on the planet at the moment. Clearly, Cloudbet is going all-in on when it comes to these rather special virtual currencies.

The reason for this is pretty simple. As hinted earlier, while stablecoins also offer all the best traits of cryptocurrencies, they are most popular because they are tied to physical assets or fiat currency. This makes them a much safer bet for just about anyone. Newbies are more likely to trust these than opt for other forms of cryptocurrency that are infamously volatile.

All in all, since they are the fastest-growing types of digital currencies at the moment, it will not be too surprising to see Cloudbet and other iGaming operators integrate even newer stablecoins in the near future.

Laura P.

Recent Posts

Blockchain Gaming Gearing Up for a Promising 2025

For blockchain gaming, 2024 will likely be remembered as a transitional period – marked by early promise, mid-year turbulence, and…

1 week ago

Crypto.com Makes Super Bowl Trading Accessible to All U.S. Users

Crypto.com has recently unveiled a pioneering sports event trading platform, marking a bold step in integrating cryptocurrency and sports. Exclusively…

2 weeks ago

Rising Interest in Crypto-Focused Gambling Drives Winna.com’s $15M Fundraising Round

The online gambling industry is undergoing a major shift as players increasingly turn to crypto-based platforms that offer enhanced privacy,…

2 weeks ago

Polymarket Brings High-Stakes Drama to Luigi Mangione Case

Online gambling enthusiasts have found a new frontier for high-stakes action on Polymarket, the cryptocurrency-driven prediction platform renowned for its…

1 month ago

Polymarket Faces Ban in France Amid Regulatory Compliance Review

France’s gambling authority, the Autorité nationale des jeux (ANJ), is examining Polymarket, a decentralized cryptocurrency-based prediction platform that has surged…

2 months ago

How Crypto Wallets Are Holding Back Web3 Gaming in Casinos

The rise of Web3 gaming has generated buzz across the gaming and blockchain sectors, offering players the chance to earn…

3 months ago