ZURRIEQ, Malta--(BUSINESS WIRE)--ForumPay, the global cryptocurrency payments technology provider is delighted to announce a partnership with ZBX, the Maltese crypto exchange to enable the 250 million plus crypto wallet holders around the world to use their crypto for deposits with local iGaming sites.
The partnership with ZBX, a Class 4 VFA Service Provider with the MFSA (Malta Financial Services Authority) enables ForumPay to offer the first fully compliant crypto payments solution for MGA (Malta Gaming Authority) licensed gaming operators and their players.
Thanks to this collaboration, the depositing experience is even easier than using a credit card. To make a deposit with their favorite crypto and wallet a player simply scans the QR code presented in the online cashier. The crypto is instantly converted into FIAT at the best available exchange rate for deposit into the player’s account.
After this quick step, the iGaming site will automatically be notified of the crypto equivalent in FIAT awarded to the player so that they can access the funds immediately for play. This hassle-free process is a major milestone for crypto adoption in the gaming world, as it lets crypto holders convert just the amount they plan on betting with.
The tie up comes after the executive teams of both companies spent time with the regulators to establish a crypto payments flow which is sensitive to the KYC and AML demands on the gaming operators and meets the requirements of the MGA and MFSA.
Josh Tate, CEO and co-founder of ForumPay said, “It is exciting to work with such innovative companies and regulators to meet a massive demand in the marketplace from both operators and players. Facilitating crypto payments in the iGaming space has major benefits, such as amplifying the player base, fraud protection for casinos through instant verification of funds, and paving the way for the mass adoption of cryptocurrency in a fully compliant environment.”
Ian Dawson, CFO of ZBX said, “We are privileged to be a part of the growing crypto iGaming ecosystem in Malta. It is exciting for us to explore the full use cases of both our technology and the VFA Act in the provision of fiat-crypto solutions with ForumPay. We fully expect that the harmonization of crypto technology, regulation and services will improve and increase, and we look forward to working with world leading businesses in the provision of our services.”
ForumPay is a complete cryptocurrency to fiat payment technology firm. Our core processing technology helps businesses attract new customers, optimize customer’s ability to spend and increase revenue by embracing the 250+ million crypto consumers around the world. Our wallet agnostic solution enables the entire crypto consumer community to spend with their preferred cryptocurrency and from their preferred wallet for everyday goods and services. Our services eliminate the merchant’s exposure or risk by processing the transaction with instant conversion of the crypto into traditional currency. Our merchants simply receive their payments in the currency of their choice directly into their preferred bank account. The transactional experience is the same as accepting credit cards or other popular payment options, but simpler, faster, and more secure.
In today’s competitive environment, ForumPay is an excellent tool for businesses to gain a serious competitive advantage with the fastest growing consumer segment in the world. There were more than 5.6 million wallets downloaded in January of this year alone. Studies show that 40% of the consumers that spend crypto with merchants are in fact new customers, hence our characterization of ForumPay as a customer acquisition tool. Additionally, crypto consumers are shown to spend 2x AOV that of a typical credit card consumer illustrating the attractive, affluent demographic.