Cloudbet has added USD Tether to its list of available coins, making for the first time that the blockchain operator has introduced a stablecoin payment solution.
Stablecoins Arrive at Cloudbet
Blockchain-powered and Bitcoin-based sportsbook and casino operator Cloudbet has added its first stablecoin, allowing players and bettors to now use USD Tether as one of the available coins.
Completing a month of extensive testing with the help of trusted community members, Cloudbet is finally able to rollout the USDT coin, enabling deposits and withdrawals for any interested party.
Commenting on this development, a Cloudbet spokesperson explained that Cloudbet had picked up the pace with new feature rollouts, and specifically owing to the processes put in place that had helped the company release its new, next-generation website, or Cloudbet 2.0.
Reassuring potential stakeholders and community members, Cloudbet’s spokesperson said that the market could look forward to many new features arriving over the next few months.
Cloudbet’s New Website Has Been a Success
With Cloudbet releasing its new website in April, the operator saw several significant changes to its offer over the period. Both USDT and Ethereum are among the new currencies Cloudbet users may now tap freely into.
The use of USDT should give community members an additional piece of mind as its value is pegged to that of the US dollar, making the best out of both the established financial order and the advanced technical solutions by the blockchain.
It has been a busy May as well, with the company rolling out an esports product reinforced with in-play betting markets as part of the next-generation website Cloudbet released. As a result, players may now place wagers on FIFA 20 and Counter-Strike: Global Offensive (CS: GO). According to a recent EveryMatrix survey, these two games account for over 90% of all esports betting volume during the lockdown.
In addition, the operator added UFC live betting feature, and has been running daily “Bet of the Day,” tips.
Why Does Cloudbet Need Stablecoins?
While the value of crypto gambling has been touted all over, one issues has persistently worried players and sports bettors – the lack of fixed price. While, a consumer can expect to withdraw the same amount of Bitcoin they have won, the value of the cryptocurrency has been prone to rapid and sudden changes.
However, with the addition of USDT, this issue could be circumnavigated, if not eliminated. USDT is traded at a value of one unit for a USD, which makes it the ultimate betting tool that still can be stored online.
According to Cloudbet’s spokesperson, Cloudbet’s goal has always remained the same, i.e. finding solutions to persistent problems in the industry. During a recent SBC Digital panel, industry experts agreed that brands ought to be leveraging their names more aggressively in order to introduce cryptocurrencies.
Recently, mBitCasino became one of the first to completely drop FIAT currencies. Most blockchain casinos and sportsbooks today use FIAT currencies to facilitate onboarding, but as interest in the sector grows, and new solutions are found to tackle common problems, the need for traditional currency has waned. More work needs to be done still, and Cloudbet’s latest move is a step in the right direction.