Crypto Casino Stake.com Doubles Their Supported Currencies
There’s no doubt that the worlds of blockchain technology and gaming have crossed paths and are now working hand in hand, propelling each other towards growth. An excellent example of this scenario is the sports betting giant Stake.com, which recently expanded the cryptocurrency selection in its gaming platform.
Stake.com is the world’s largest crypto casino and sports betting company, and their expansion efforts continue as they recently made significant moves to grow their crypto inventory. The crypto gambling platform added 11 new cryptocurrencies to its system, bringing a wide range of stable coins as well as altcoins available to bet with on the website.
Aside from its massive presence in the sports gambling industry, Stake.com is also widely known for splashing sponsorship money on famous players and celebrities. Some examples of these influential personalities include Canadian rapper Drake, Ultimate Fighting Championship UFC, English Premier League, and various Twitch streamers. Moreover, Stake has one of the largest varieties of casino games and appears to be doubling down on supported cryptocurrencies to grow its lead in the lucrative crypto casino industry.
This article discusses the recent movement of Stake.com to expand the presence of cryptocurrency in its gaming platform. Continue reading to learn more.
A brief overview of Stake.com
Stake.com has led the crypto casino industry since 2017 as it has successfully established its credibility and the exceptional casino experience it offers patrons. Apart from this, having crypto betting options for various casino games makes them appeal to a broad range of customers worldwide.
This gaming platform goes beyond casino games, offering betting options for sports, matches, or leagues. The company strengthened its foundation by partnering with big names such as UFC in Latin America and Asia and the prestigious Everton Football Club and Watford Football Club. More recently, Stake.com became the official partner of the European Cricket Championship or ECC.
Without a doubt, Stake.com is an industry heavyweight that continues to broaden its influence and cater to more clientele in the years to come.
Stake.com and the first eight cryptocurrencies
Cryptocurrency is now widely used for betting and gambling, though some companies had a conservative start transitioning from fiat money transactions to crypto. In the case of Stake.com, the company started with eight types of crypto money. Here is the list of the first cryptocurrencies made available to patrons:
Litecoin (LTC) is the first altcoin supported on Stake.com. This cryptocurrency is popular among players because it offers faster transactions than its counterparts. When compared to Bitcoin, for instance, Litecoin transactions get completed five times quicker. Because time is of the essence in gambling platforms, Stake.com became a Litecoin casino’s preferred destination.
Bitcoin (BTC) is widely considered the frontrunner in the world of crypto. Moreover, it now has the highest value across the market, with a market capitalization of approximately USD$600 billion in June 2021. Stake started using this currency when it launched back in 2017, and the company quickly rose to prominence as a frontrunner in crypto casinos.
Currently, over 18 million Bitcoins are in circulation, and it continues to be the most popular cryptocurrency in the gaming platform. Many patrons use it as their primary currency, making it the most common crypto when playing on Stake.
Ethereum (ETH) comes close to Bitcoin, the second most recognizable in the market. On Stake, Ethereum has also become one of the most preferred currencies among players because of its value and growth potential. It’s also viewed as one of the most stable currencies among its competitors, making it an attractive investment option and financial tool.
In 2017, Bitcoin Cash (BCH) was released as an altcoin or a spin-off of the original Bitcoin. This crypto money has less value than its predecessor, though its growth potential supports its popularity among gamers. Also, because it has a smaller block size, the transactions are processed faster with reduced costs. As for the market size, the 2022 capitalization value for BCH amounts to USD$7.1 billion, putting it in the top 25 list of cryptocurrencies to date.
Tron (TRX) was initially named Tronix, created in 2017 by TRON founder Justin Sun. This cryptocurrency was designed to improve the reward system for content creators using the TRON network. After the foundation was dissolved, TRX continued to perform well in the market and showed excellent growth potential.
While TRX has yet to gain popularity on the Stake platform, many believe it to be an investment potential worthy of consideration.
Ripple (XRP) was launched in Stake in 2019 as the sixth supported cryptocurrency on the platform. Ripple is valued at less than one U.S. dollar, though the currency has experienced exponential growth in the current year. As of March 2022, the XRP price rose to USD$0.80, with a growth rate of more than 12,600%.
Besides its growth potential, Ripple transactions are faster than other currencies, making it ideal for investment in sports gambling platforms.
What started as an attempt at satire is now an established cryptocurrency called Dogecoin (DOGE). Developed in Australia by Jackson Palmer, DOGE is commonly used as a tipping currency to improve the incentivization of social media creators. However, it’s now a fully adapted currency in several crypto casinos. Moreover, this virtual currency may be of lower value than its contemporaries, but it continues to enjoy the support of the crypto community. It’s also available for users on Stake.com.
EOS (EOS) was added in 2020 and was the eighth cryptocurrency official supported by Stake. The main appeal of this cryptocurrency lies in its low transaction fees, which makes it highly preferable to patrons. Also, the fact that its value doesn’t derive far from the actual value of U.S. dollars may have made it easier for patrons to do conversions and use it for their transactions.
Stake.com expands its cryptocurrency list
Various types of digital currency are available in the market, and players may have a few variants of preference when they play in casinos or place bets for sports gambling. Hence, having as many types of currency available in a gaming platform will be advantageous because clients have more options to choose from.
To respond to this need, Stake.com expanded its roster of cryptocurrencies. Having eight types of crypto money on their original listing, the company added 11 more cryptocurrencies to their offerings in August of 2022, as follows:
BNB, formerly known as Binance coin, is the official cryptocurrency of the Binance and Binance.US exchanges. This currency was initially designed as a utility token to help users pay fewer transaction fees on the Binance platform. In its present form, BNB has evolved to become a valuable currency. Furthermore, this virtual token is now added to the crypto money options at Stake.com.
Chainlink (LINK) is one of the 11 new tokens made available on Stake.com. A decentralized blockchain oracle network, Chainlink is designed to connect off-chain and off-chain contracts. This cryptocurrency is used to pay operators that prepare data from off-chain sources. This currency can also be used for multiple transactions, including betting, deposits, and withdrawals on the gaming platform.
Uniswap or UNI is well-known as a token used in the decentralized exchange platform of the same name supported by the Ethereum blockchain. Created in 2018, the Uniswap DEX is supported by the second largest cryptocurrency by market capitalization. As the same blockchain powers each one, UNI tokens are compatible with other ERC-20 tokens and Ethereum-based platforms such as the SushiSwap DEX or virtual infrastructures like MyEtherWallet.
While initially designed to be a governance token to run the exchange platform, UNI rose in the ranks among other forms of cryptocurrency. Hence, many consider investing and completing transactions with this token. Moreover, it can be advantageous for investors and gamers alike with most of their crypto in Ethereum to hold UNI if they want to enhance their participation in DEX platforms.
The Sandbox refers to the metaverse or virtual world supported by the Ethereum blockchain, where players can build, own, and monetize gaming. The official token used for transactions within the virtual space is SAND, an ERC-20 token powered by the same blockchain giant.
Within The Sandbox, players can have actual ownership of their assets in the form of NFTs or non-fungible tokens. NFTs are highly coveted digital assets that come at premium prices in gaming and real-world terms. This currency is also available on the Stake platform for gaming transactions.
Shiba Inu, also called SHIB, is a popular meme coin, a cryptocurrency designed to pay homage to a meme. SHIB is known for the design on the coin displaying a dog of the Shiba Inu breed, hence the name. Developed by the Shiba Inu team, who also devised the DEX platform Shibaswap, SHIB is another addition to the cryptocurrency list of the Stake platform.
Polygon uses the acronym MATIC as the official cryptocurrency symbol of its network under the Ethereum blockchain. Tagged as Ethereum’s internet of blockchains because it connects and scales multiple networks, Polygon was launched as the Matic Network in 2017, hence the currency’s name.
MATIC is also an ERC-20 token, making it compatible with other Ethereum-powered platforms. The currency was initially intended for governing and securing the network, though it’s now widely recognized as a virtual token and is also available on Stake.com.
ApeCoin, or APE, is the official currency of the Bored Ape Yacht Club or BAYC. BASIC is an NFT collection comprised of 10,000 unique images of apes, while APE is an ERC-20 token developed by Yuga Labs in early 2022. This cryptocurrency has a maximum supply of 10 billion tokens and is currently available on the Stake platform.
Stablecoins in Stake.com
Among the 11 new cryptocurrencies featured on Stake.com are four types of stablecoins, which refers to currencies whose values are pegged to the U.S. dollar. Stablecoins aims to offer more value stability than typical cryptocurrencies’ volatility. The improved stability makes stablecoins the better option when used in different types of transactions, such as sports gambling. Currently, there are four of them on the Stake.com gaming platform, including:
Stake added several types of stablecoins to its roster, one of which being Tether or USDT. This pegged cryptocurrency’s value is closely attached to the US dollar. After its official launch in 2014, Tether gained weight and power and is now the third most popular cryptocurrency in the world. Also, it holds the largest market capitalization among all cryptocurrencies, valued at USD$83 billion as of May 2022.
USD Coin or USDC is another stablecoin supported by the Ethereum blockchain added to the latest offering of Stake.com. This virtual currency’s value is pegged to the USD fiat money value, making it an excellent option for players who want to utilize crypto while enjoying the benefits of stable currencies.
Adding to the list of Binance-based cryptocurrencies is Binance USD or BUSD. This virtual currency is another type of stablecoin that is supported by Paxos Trust, a blockchain company based in New York. Binance USD falls under the currency category in the CoinDesks Digital Asset Classification Standards and is part of the 11 new currencies featured in the Stake gaming platform.
Dai or DAI was launched in 2017 as the official stablecoin of the MakerDAO network and is similarly powered by the Ethereum blockchain. This currency is fully decentralized and is popular in the Stake gaming platform because of its stable price valuation. As with the other stablecoins, Dai’s value is pegged to USD while collateralized by other virtual currencies.
DAI has a market capitalization of USD$2.8 million, which is expected to rise in the coming years.
The world of crypto gambling continues to expand, and with it comes more benefits for both patrons and gaming platforms. With a broader array of options, you can enjoy better liquidity for your digital currency, more convenient financial transactions, and possibly a better gaming experience. Your choice of cryptocurrency ultimately depends on your preferences, and it’s up to you to utilize what you think will best optimize your investments and earnings.