We spoke with Juliet Adelstein (co-CEO at GanaEight Coin and COO for Ganapati PLC) about the company’s G8C token and the growing potential of blockchain in the gaming industry.
Would you be able to give our readers an overview of your company history, in particular, at what point did the Ganapati Group – originally a slot provider – first looked into blockchain?
The Ganapati Group was originally established as a developer of smartphone applications in Japan. In 2016, we began to develop our unique slot games and have been able to successfully establish ourselves in the iGaming scene ever since.
Whilst being an online slot provider, creating immersive games for the casino space, we identified two big gaps in the market – one being the lack of trust users have in casinos, and the other the need for a better payment solution. We found the ultimate solution to fix both issues – blockchain.
We are currently working on our blockchain platform for online casinos and believe that this is the best way to approach the transparency issue exists within our industry. GanaEight Coin, in short G8C, will disrupt the casino industry for the better.
Alongside our blockchain online casino platform, we’re also introducing our own stablecoin and payment solution.
In what ways can blockchain provide value to the iGaming-payments sector? Could the modern tech revolutionise the industry?
Yes, without a doubt. Recently we’ve seen many large investments being made in blockchain technology.
Every industry is catching up to the hype and iGaming is also starting to see a turning point when it comes to blockchain adoption.
Trust has been a real challenge for the industry, in particular for online casinos. Players have been known to lack trust in casinos, since the operations and algorithms are kept very much out of their sight.
The iGaming market is already very profitable, with almost $138 billion being made last year, but this value can go from strength to strength with blockchain developing player trust and improving their overall experience.
Can you provide us more background on what the G8C token is and how it will be used?
Our G8C token is a stablecoin and is the ultimate way to create value through our blockchain platform. With the current most commonly used payment methods, players face issues such as lengthy withdrawal processes, deposit and withdrawal limits and high transaction fees.
With our revolutionary stablecoin, blockchain platform and payment system, we ensure an integrated, secure and far cheaper gaming experience for players.
Using G8C as a payment method in online casinos provides a solution not only to the players but to the casinos, too.
Risk, fraud and money laundering are some of the biggest concerns that come with running an online casino today – our transparent system with strict KYC expectations offers assurance against these.
What are some of the major challenges in developing a stablecoin?
In every business you face obstacles. In our case, it was a challenge convincing the industry of how safe and credible the G8C token is and it’s something we will continually have to do after the mistakes made by businesses before us.
The difference is that our stablecoin will not be pegged to fiat or cryptocurrencies, like most other stablecoins, but to casino users’ bets – meaning one token will be backed by the value of one minimum bet.
Using G8C tokens offers both casinos and players peace of mind, since they won’t be exposed to speculative price instability.
And finally, what would you say to those who are sceptical about blockchain and cryptocurrencies? How do you convince firms that this is a fully viable product and not just another buzzword attention seeker?
With any new technology comes scepticism and our industry isn’t the first and won’t be the last to be sceptical towards blockchain – that’s why at G8C we’ve made it our mission to spread the word about the positive impacts it can have.
We completed our G8C World Tour earlier this year, where we travelled around Asia and Europe, visiting relevant summits to get the word out about our innovative solution.
We genuinely believe that our platform will disrupt the online casino industry for the better and improve the iGaming ecosystem.
We are already a well-established business with numerous strong relationships already in place within the industry, so we have received direct feedback and advice from those we already work with, telling us what will work and what the industry needs.
Which is why we are certain that our platform, payment solution and token are not only viable but will fill a gap and have a positive impact on the industry.