Taking the significant step into stablecoin transactions, Cloudbet, the crypto sportsbook and casino, has added USD Tether to the portfolio of coins available to customers.
It comes after a month of testing with a small group of players, as the operator seeks to emphasise that fiat and digital currencies can coexist in a sports betting space.
Since launching in 2013, Cloudbet has become a trusted bitcoin operator that added Bitcoin Cash in early 2018 and Ethereum earlier this year. USDT and Ethereum are among the host of new features on Cloudbet’s new website, which the company launched at the end of April.
A Cloudbet spokesman stated: “We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website. The market can look forward to many more new features and new coins in the coming months.”
Stablecoins such as USDT have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme fluctuations in price experienced by holders of non-stablecoins.
Because its value is fixed on a 1-to-1 basis with the USD, the fiat value of winnings in Tether does not fluctuate along with market prices. For this reason, stablecoins have been offered up as the key to winning over a more fiat-friendly audience to experience the benefits of cryptocurrency gaming.
“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems,” Cloudbet’s spokesman added. “USDT and stablecoins are an extension of that.”
Expert Analysis: As digital currencies continue to grow, the challenge of providing a platform that engages both digital players and fiat players is a unique one. Offering fiat currency, whilst maintaining a focus on being a digital currency specialist can undoubtedly lead to heightened engagement for the firm.