Cozy Games Becomes First Regulated Operator to Accept Bitcoin Payments

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cosy games GoCoin has signed an agreement with Cozy Games, an online gambling company, as a result of which the latter will accept payments in cryptocurrencies such as bitcoin, Dogecoin, and Litecoin. Once GoCoin is integrated into Cozy Games, the latter will become the world’s first licensed Internet gambling operator to offer digital currencies as payment methods, effectively allowing players to gamble with bitcoins.

Benefits for Cozy Games

Nearly 50% of all transactions in bitcoins are related to gambling. Bitcoin transactions are popular because they do not require third-party companies. Now that Cozy Games has become a partner of GoCoin, it can save all the money it is currently spending on credit card transactions, cross-border fees, and charge backs. Since Cozy Games does not have to handle the bitcoins directly, it does not have to bother with the complexity, security, and volatility issues associated with such transactions.

Cozy Games CEO Sreeram Reddy said: “GoCoin is the frontrunner bringing deep cryptocurrency expertise to the regulated iGaming sector, which was key in our decision to integrate their platform. GoCoin’s solution is adaptable and compliant with Internet gaming law, allowing us to safely adopt the latest payment innovations while focusing on our core strength of delivering an excellent online experience for our players.”

What GoCoin Does

GoCoin is the first online payment processor to handle transactions in cryptocurrencies such as bitcoins, which are considered to be very risky by traditional online payment processing companies. The company mainly caters to the requirements of operators who are trying to find out cost-effective alternatives to traditional payment methods, especially now that several jurisdictions, such as the UK, are amending their tax laws to include higher tax rates for licensed operators.

GoCoin CEO Steve Beauregard, who is also its co-founder, said: “By accepting cryptocurrencies through the GoCoin payment platform, regulated online gambling operators can engage new markets like the underbanked that are historically difficult to reach.” He said that GoCoin’s engineers are working with regulatory bodies “to develop clear guidelines that stay within the law while also respecting a player’s right to privacy.”

About Cozy Games

Launched in 2005 by a team of industry experts, Cozy Games is one of the most innovative providers of online gambling services in the world. Armed with several years of experience and several dedicated employees from all over the world, Cozy Games makes sure that its services and products suit every possible requirement that customers might have. Their product portfolio includes more than 90 games, which include video slots, classic slots, bingo games, scratch card games, table games, and network jackpots.

Cozy Games is a licensed online gambling operator, owing to which it refuses to accept players below 18 years of age and urges existing customers to gamble in a responsible manner. Its new partner GoCoin has sound Know Your Customer (KYC) procedures, which seamlessly work with Cozy Game’s own methods to ensure that the funds entering the gateway actually belong to the identified customer and that the customer is the rightful owner of the bitcoin wallet.

October 24, 2014: • No Comments

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