PlayChip Foundations Ltd. is an Australia-based gaming & betting agency. It has now adopted its first cryptocurrency solution, a token of its own to use for conducting business as usual. The platform is part of a growing number of gaming agencies that have opted to go after blockchain and crypto solutions. Today, we explore the PlayChip token and whether it has a merit or conversely – it’s a dangerous asset to be trifling with.
PlayChip and their Mission
The newly-minted PlayChip is touted as the Universal Gaming Token for a number of betting & gambling activities, including, but hardly limited to sports betting, iGaming, fantasy sports, and of course the venerable eSports. The news may have come just now, but PlayChip has definitely not been wasting daylight.
The ecosystem consists of seven partners so far and the total number of users exceeds 1 million, which makes it one of the better-developed agencies out there, making it also a perfect candidate for breaking the crypto utilities to a larger crowd.
The PlayChip Foundation has reasons to be happy, too. It has been approved as the first digital currency exchange in Australia as per the official press release published by the company. The regulatory green light was given by the Australian Transaction Reports and Analysis Center (AUSTRAC).
By officially obtaining recognition from the government, the Foundation has all the legal backing it needs to prove to its customers that it’s quite capable of protecting their interest. Furthermore, in terms of purely operational value, users will have an opportunity to link their credit cards and bank account completely securely.
To facilitate gaming operations, PlayXchange, as the new exchange is called, will allow gamers to convert their PlayChips in a number of FIAT currency and vice versa. PlayXchange will also hopefully drive significant liquidity to itself, too.
Know Your Customer – A Necessary Evil
All customers will have to go under a Know Your Customer (KYC) vetting to determine the source of their money and their credibility. This has been a largely adopted practice across the industry. However, once this is out of the way, the users will be officially added as users of the ecosystem, pushing it all the way to the top. More importantly for the user, as soon as he or she has been cleared, they will be able to make full use of the PlayXchange.
Meanwhile, PlayChip Foundation Board Member Daniel Simic commented on the latest developments, saying:
Our ability to provide exchange services to our customers is important to our strategy to make the PlayChip, and cryptocurrencies as a whole, more accessible to both our users and the general public.
But where the true genius of the PlayChip Foundation lies is the fact that it combines both a betting agency with a crypto exchange, guaranteeing quick transactions and the utmost level of security. Paired with the best practices borrowed from the financial & banking industries, such as KYC checks, PlayChip is on its way to be a total game-changer for the industry.
The PlayXchange is not yet upon us. It will be hitting the market on December 19, 2018 as a preliminary version, and it will release in full in Q1 2019.