AMSTERDAM, April 14, 2022 (Newswire.com) - Dutch blockchain leaders LTO Network and Sphereon partner with the prestigious Les Ambassadeurs Casino. Today they announce the beginning of live trials for a world-first: using blockchain technology to revolutionize how the gambling industry works.
The team at Sphereon has built a solution that leverages the LTO Network's privacy and GDPR-friendly Verifiable Credentials and Decentralized Identifier technology to allow casino players to transfer their winnings using verified identity credentials.
Les Ambassadeurs Casino is looking to LTO Network's blockchain to enable an improved customer experience, enhanced safety and compliance, and reduced costs and administration.
This innovative solution, to be trialled this year, will provide a secure mode with verified EDD that will enable casino players to withdraw their funds or transfer their funds to another casino within the system. This approach will ensure greater security for the player and the casino operator when the player 'cashes out', reducing the reliance on 'win' cheques.
"It is essential that the casino business finds appropriate modern methods to transact with our customers in a way that is safe, enhances AML (anti-money laundering) compliance and improves the customer experience. Cheques are a 19th-century instrument. No one carries a cheque book anymore and banks have admitted that processing cheques, particularly those banked overseas, is an outdated and expensive process, and one that they are reluctant to continue with." - David Livermore (Legal and Compliance Director, Les Ambassadeurs)
The novel approach will allow a player's winnings to be stored in a stable-coin wallet. Other casino operators are then able to recognise the player and the associated stable-coin crypto wallet, and the player will be able to use those winnings to gamble.
"Gambling is one of the big drivers of technology. Over 20% of the world population gambles and the global industry is worth over $711 billion. As the real world and virtual world merge together, regulations are required, and our network is the premiere solution to be the new crypto-friendly backbone for how this world now operates." - Rick Schmitz (LTO Network CEO)
A MODEL FOR THE FUTURE OF GAMBLING AND CASINOS
This will become a multi-casino solution. Les Ambassadeurs is conducting the first pilot with the aim of being an industry leader in a future where blockchain empowers regulatory-guided businesses.
"The team at Sphereon and LTO Network are a key component of the vision we have for a future where casinos are interoperable. Using this technology, we can focus on bringing players a world-class experience." - Kevin McGowen (CEO Les Ambassadeurs)
Casinos are competitive businesses seeking to leverage the compliant regulatory framework offered by LTO Network's platforms and Sphereon's experience. This new and innovative approach will provide a more appropriate business and operating model for land-based casinos in the modern world.
"We are committed to using our expertise to deliver unique blockchain solutions that solve real-world problems." - Sebastian Boender (Sphereon, Managing Director)
About LTO Network
LTO Network is Europe's most advanced blockchain project. It is fully decentralised and highly efficient. Currently it is used worldwide by businesses, governments and institutions like the UN, Dutch government and more.
The network has several technologies that can be used to provide solutions for decentralized data security, digital identities, privacy and the ownership of digital assets and digital collectibles.
About Les Ambassadeurs Club
Les Ambassadeurs Club is a members-only gambling Club housed in one of the finest Georgian properties in Mayfair. It offers members and their guests a service of impeccable quality. The club continues to welcome players from around the world who are seeking the ultimate gaming experience, with luxury facilities available 24 hours a day, including exquisite private rooms and world-class fine dining.
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Source: LTO Network