Blockchain investments are picking up.
Epazz is another company that is looking to combine blockchain technology with sports gambling. They will do this by using fantasy sports versus offering wagering on real world sports. Epazz is a Nasdaq listed company for a cloud-based software. They have filed a patent for a “blockchain solution.” It is supposed to help manage the compliance of online sports wagering for the US.
Filing for their patent has helped Epazz see a jump in their stock price 19 percent.
The filing was completed on Wednesday, June 20, 2018. Their software is going to help track state laws to ensure that an individual is within compliance for the state they are in. Epazz was getting this concept ready even before the US Supreme Court decided to lift the ban on sports betting. Epazz is hoping operators will be able to ensure they’re in compliance with each state’s new laws or current laws.
The patent application states they are looking at compliance management and verification for funds. The company has a cryptocurrency wallet called Zenapay, which will help verify details before an individual can participate in a transaction. Epazz is based in Chicago.
The idea for their new endeavor came during a session when the team was designing a fantasy sports gambling solution. Shaun Passley said the design team was trying to create a unique way to process transactions that were be verified with the necessary funds, while also ensuring the state the individual was from provided the legal right to wager on such games.
Passley also mentioned that many of the financial institutions are less than friendly towards gambling. Many places to not like to allow their debit or credit cards to be used online for gambling due to gambling addiction issues. It creates a situation where a person may not be able to use their mainstream bank to fund their entertainment.
Using Zenapay and Epazz
Using Zenapay is one way players will be able to wager. The companies will know the funds are available. Epazz will also be able to verify the legalities before processing payment. Furthermore, individuals will not have an issue trying to gamble legitimately because their funds are verified and available when they want to use them.
The company has reported an increase in their revenue for the first quarter of 2018. They expect the revenue to rise with their announcement as the stock did.