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Elton Dimech, Managing Director of Payhound, explores the intersection of crypto payments and iGaming in this exclusive piece for 5 Star iGaming Media.
In the rapidly evolving landscape of digital finance, Payhound is serving as the primary partner for iGaming operators seeking to seamlessly integrate cryptocurrency payments into their daily operations. At the core of our mission is a commitment to providing secure alternatives for financial transactions within the iGaming sector.
We are the primary solution for operators regulated by the Malta Gaming Authority (MGA) which underscores the trust and credibility we have garnered in the industry.
Payhound is regulated by the Malta Financial Services Authority (MFSA) and is a holder of a Class 3 VFA Licence issued under the Virtual Financial Assets Act since April 2021.
Rather than adopting a disruptive stance, we position ourselves as a reliable partner dedicated to assisting clients in seamlessly transferring funds from point A to point B. The market has responded favorably to our approach, allowing us to build a reputation grounded in trust over the years.
Our client list includes established operators who now use our API to accept bets in crypto or receive settlements in crypto, B2B game providers fast-tracking their business transactions, or affiliates who receive commissions in crypto, among other categories of clients benefiting from our solution. While we serve a much more diverse client base, these three categories currently stand out.
The usage of crypto in igaming is probably endless, however, I would highlight the potential of cross-border transactions which is nothing short of revolutionary. In contrast to traditional banking characterized by long processing times and hefty fees, cryptocurrencies facilitate swift and cost-effective transfers across borders.
Utilizing blockchain technology, transactions occur in real-time, eliminating the need for intermediary banks and reducing the overall time and cost associated with cross-border transactions.
In the ever changing crypto environment, responsive customer support is a key factor. We pride ourselves with having a very active customer support team who ensures that our clients receive assistance whenever our clients need it. In my opinion, proactive support fosters a sense of confidence in our relationships, underscoring our dedication to the success of our partners.
However, it is important to mention that Payhound offers more than just transactional services. We share our knowledge with clients, understanding the concerns that certain departments within companies may have about crypto. This approach to knowledge sharing is our way of making the transition to crypto payments smoother and more manageable for our clients.
The simplicity and user-friendliness of our product interface contribute to an overall positive experience. Interactions with Payhound are not only secure and reliable but also effortlessly accessible, making the transition to crypto payments a seamless and intuitive experience.
As Payhound is de facto bridging the gap between crypto and fiat, it is important to mention that having an extensive network of reliable banking and trading partners is not just advantageous — it is imperative.
This is an integral part of our ecosystem, and we have a dedicated team actively managing such relationships, so our clients do not have to worry about having alternatives for exchanging crypto to fiat and vice versa. This is thanks to an in-house trading team specializing in handling large volumes.
The essence of seamless operations lies in the speed, efficiency, and accuracy of transaction processing. At Payhound, we prioritize these aspects to ensure that our clients experience uninterrupted and efficient financial transactions.
Our commitment to best execution policies ensures that every transaction is executed with precision.
Acknowledging the sensitive nature of financial transactions, security is a cornerstone of our operations. Our leadership team brings extensive experience from the traditional banking sector, instilling confidence in our customers that we approach every operation with the highest degree of seriousness.
To add to this expertise, we have gathered a very experienced team of gaming, compliance, and information security professionals, who work tirelessly to make sure that our services meet the stringent security standards expected from a trustworthy financial institution as well as assist clients with their onboarding.
Our commitment to security is further shown by our ISO 27001 certification, a badge we have proudly worn for the past two years.
Adhering to well-established procedures, Payhound ensures a secure environment for our clients, mirroring the stringent security protocols one would expect from a reputable bank or financial institution.
As the cryptocurrency landscape continues to evolve, Payhound remains at the forefront, shaping the future of iGaming. Our journey is defined by adaptability, reliability, and an unwavering commitment to the success of our partners.
With a focus on security, efficiency, and a customer-first philosophy, Payhound is leading the way in cryptocurrency adoption in the iGaming industry.
Article originally published in 5 Star Magazine in January 2023.
