Paysafe Unveils Crypto Payment Option for US Gaming Market

Global payments platform Paysafe has announced the launch of Pay with Crypto, a new cryptocurrency payment option for iGaming operators and daily fantasy sports brands in the US market.

Paysafe Introduces New Crypto Payment Method for Online Gaming

The service, offered in partnership with MoonPay, enables customers to fund their gaming accounts using stablecoins or other cryptocurrencies, where permitted. The announcement of this new service comes as the demand for crypto in everyday transactions rises. Paysafe noted that approximately 70.4 million Americans own cryptocurrency, with 83% of US players expressing interest in using it as a payment option. In fact, according to a recent study by Paysafe, over half of Super Bowl bettors used online methods of betting during the recent event.

Zak Cutler, President of Global Gaming at Paysafe, said that driven by the rising popularity of stablecoins, cryptocurrency in the US is shifting from being primarily an investment asset to becoming a viable means of payment. He explained that Paysafe is pleased to introduce Pay with Crypto, describing it as a forward-looking solution designed to help US operators meet their customers’ evolving payment preferences and support the future of transactions in gaming.

How Does This Payment Work?

Paysafe’s new cashier payment option enables gambling operators to quickly convert cryptocurrency deposits into US dollars, allowing for immediate gameplay. After selecting Pay with Crypto and choosing a preferred stablecoin or cryptocurrency, players can connect their crypto wallet to complete the deposit. MoonPay’s Commerce Checkout technology also supports QR code transactions via mobile devices. 

Once the transaction is verified, the crypto is instantly converted into US dollars and credited to the player’s account. The solution also offers flexibility for operators, who can opt to receive settlements almost instantly in stablecoins via their crypto wallets, or in US dollars or other major fiat currencies through MoonPay’s Virtual Accounts powered by Iron.

Ivan Soto-Wright, Founder and CEO of MoonPay, stated that crypto rails are enhancing the speed and efficiency of payments, and that the company’s goal is to bridge the gap between the technology and its real-world applications. He noted that consumers should not need to convert their digital assets to make purchases, as they prefer to use what they already hold. Finally, he added that Paysafe is helping extend this capability to a broader audience through trusted, regulated platforms.