Try Booming Games Slots at Fortune Jack and Grab a 500 mBTC Bonus

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

If you’re a Bitcoin slot fan who’s looking for new games to try out, Fortune Jack Bitcoin Casino will give you a chance to try some Booming Game slots and score yourself a BTC matching bonus of up to 500 mBTC.  This is a one-time only promo aimed at new and existing players and it can only be claimed through a special bonus code. If you’re interested in finding out more details about the offer, check out the full breakdown below.

Available Until Thursday

The Booming Games promo offer will be valid from October 5th, 2017, to Thursday, October 12th. During this time, you will be able to claim a 100% matching deposit bonus with a maximum limit of 500 mBTC. To grab the offer, just log in your player account and head down to the “My Account” menu. From here, just select the “I Have a Bonus Code” page and enter the code “FJ1005” before making your deposit at the casino.

The bonus is applicable to any Booming Games’ slot available at Fortune Jack. This gives you a choice between 30 different slot games to meet your wagering terms. The minimum qualifying amount you have to deposit to grab the offer is 0.01 BTC while the wagering requirements for this particular offer are set at 40x.

Unlike Microgaming and NetEnt, Booming Games have only been active in the business for a couple of years, since 2014. However, despite being relatively new to the scene the game studio has already earned its own fan base thanks to some creative slot ideas. So, if you’re looking for slots that are a bit different than the “norm”, Booming Games’ designs might be just what you are looking for.

Take Revolution, for instance, a 4-reel, 16-payline slot where armed and tuxedo-wearing apes will scream with rage as you trigger winning combos on your reels. Or, if you’re into something calmer and more mysterious instead, there’s also the Freemasons Fortune, a Vegas-style 3-reels game that will surely speak to any conspiracy theorist out there.

Need More Bonuses? Have Some!

Apart from slot promos, Fortune Jack also has a number of other regular bonuses you can grab as new-joiner or a registered player. Starting with the welcome package, the casino lets you claim a matching bonus of 130% of up to 1 Bitcoin on your first deposit, which also comes with a bonus package of 250 free spins attached. And if you need more offers after this you can also grab 4 matching bonuses on your next deposits, each worth a 30% of your deposit up to 2 BTC.

However, if you’re not a new player, the casino will only let you grab a monthly bonus offer of 1 BTC for your first monthly deposit, or give you the chance to enjoy the Mid-Week Dice Madness and try to score a progressive jackpot in a lowered number of rolls. And apart from dice games and slots, you can also find Live dealer tables and a whole range of table games from Microgaming, BetSoft, and more among the casino’s game collection.

If you’re interested in finding out more about what games and promotions the casino has to offer, feel free to give Fortune Jack a visit.

October 6, 2017: • No Comments

Malta Gaming Authority to Test Cryptocurrency Implementation

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

One of the leading global casino licensing jurisdictions, the Malta Gaming Authority (MGA), is to conduct a “sandbox” test of Bitcoin that is to simulate a rollout of the cryptocurrency and allow for any problems to be recorded and analyzed, local news outlet Times of Malta reports. The MGA has been hinting at a possible implementation of the cryptocurrency since November last year, when they were reported to be on the verge of adopting Bitcoin.

More recently, in August 2017, the MGA presented a white paper suggesting a number of significant changes to the country’s casino licensing legislation to be made which also proposed the sandbox test. Now, it seems that the licensing agency is strongly determined to keep pushing things forward and show some competitive force to the UKGC when it comes to European Bitcoin casinos.

A Mock Implementation, for Now

According to local sources, there will be a mock implementation of the cryptocurrency soon that would test whether cryptocurrencies can be implemented without endangering the local economy. The sandbox test will reportedly allow for a virtual currency to be set up in a controlled environment so that the proposed controls and legal provisions can be tested without any burden to Malta’s wider economy.

The test was initially proposed in the white paper that was revealed in August through a public announcement by the MGA and it will be conducted by PWC (PricewaterhouseCoopers), the global auditing firm and one of the Big Four. The test aims to review the strengths and shortcomings of adopting cryptocurrencies as well as the prospects and dangers they pose to Malta.

The MGA is not the only party in Malta that is warming up to the cryptocurrency. Namely, a spokesman of Malta’s Prime Minister, Joseph Muscat, had commented on the mock rollout that the Minister wants to turn the small island nation into Europe’s blockchain capital.  Reportedly, there is a larger desire by the government to make Malta the first European country that would regulate blockchain and cryptocurrencies.

Given the significance of the task, the test report will be also reviewed by a special cryptocurrency task force that had been set up by the Prime Minister during the previous month, whose main purpose will be to find the best means of adopting virtual currencies. MGA Chairman Joseph Cuschieri is also a part for this team.

A Joint Effort

Cuschieri, who about a year ago was still skeptical about Bitcoin casinos, now told the Times of Malta that the MGA could no longer sit idle when it came to virtual currencies. According to him, the test would be a joint effort that would also involve Malta’s Central Bank, the MFSA (Malta Financial Services Authority) and the FIAU (Financial Intelligence Analysis Unit), all of which are to participate in the test to prevent any oversights but also provide feedback on how virtual currencies should be tackled.

However, enthusiasm isn’t the only thing the MGA Chairman feels, but also concerns about possible risks. Speaking to the media house, Cuschieri stated that while the future of Malta’s online gaming industry was undoubtedly dependant on the country embracing such innovative technologies, it was also dependant on Malta preserving its reputation as a safe place for business.  With that in mind, he sees virtual currencies as a sword with two edges.

Currently, no approximate date is given for the sandbox test nor is there an estimate of when cryptocurrencies will be fully implemented.

October 4, 2017: • No Comments

Get €2,000 in BTC This Week at Bitcasino.io

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Some Bitcoin casinos just stick with what they have for a long time, while others always try to keep things fresh for their players. Bitcasino.io definitely belongs to the latter category, continuously trying to grow its brand via player promotions. Namely, if you’re looking for a new slot tournament to enroll in, Bitcasino will give you the chance to sign up and win up to €2,000 in BTC until next weekend. So read on and jump in!

Prizes for the Top 25 and a Special “Mega Prize”

The new slot promotion is being offered by the casino to market the newly added Disco Double slot from iSoft Bet and you can even win a special Mega prize outside of the regular tournament pool. The promotion began on September 28th and it will run until next Wednesday, October 4th, 23:59 GMT.

During the tournament, all you have to do is play the Disco Double slot game and you will automatically be entered into the raffle. For every €1 in BTC you wager at the slot during the specified period, you will receive 5 points for climbing up the ladder. You will also get a chance to double your points by getting 2 Disco Double symbols on the first 3 reels in the slot game.

The prizes at the tournament will be given to the top 25 players based on the total number of points they’ve gathered through wagering or doubling their points. The top 4 players will be able to get the most money, with the 1st prize being €2,000, the 2nd €1,000, the 3rd €400, and the 4th €250 in Bitcoin equivalent. Places 5 to 10 will also get rewarded with a €100 worth of Bitcoin each, and so will places 11 to 25 but with €50 worth of Bitcoin instead.

The casino will update the Leaderboard on a daily basis so you can see how far you’ve progressed during your last round.  And in addition to the 25 default prizes, there will also be a Mega Prize of €5,000 in Bitcoin equivalent, which will be given in a special raffle. To participate in this raffle, you will have to earn 5,000 points or more during the promotion. The winners for this raffle and the tournament itself will be contacted by the casino by October 6th at the latest.

Regular Slot Promotions

The Disco Double slot promotion isn’t a rare case of the casino marketing a Bitcoin slot game with rewards. Namely, ever since the casino gave its platform a face-lift it has been organizing slot tournaments almost every week. Last week, it was the Fairy Gate slot promotion that gave out rewards a week before Vegas Casino, while before that Bitcasino also featured promotions for the Wolf Cub slot from NetEnt and the King Panda from Booming Games. The casino also has regular end-of-the-month promotions available where you’d get 3 days to play slots and table games on your phone and win a 250 mBTC prize.

If you are interested in entering the tournament or checking out the casino’s game offer and other promotions, feel free to give the site a visit via this link here.

September 29, 2017: • No Comments

Gibraltar to Regulate ICO Campaigns

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

The Financial Services Commission of Gibraltar (GSFC) has released a public statement regarding the regulation of ICOs (Initial Coin Offerings) in the jurisdiction, according to a report from Bitcoin.com.  ICOs have been previously used by Bitcoin casinos to raise capital for their launch and, according to the report, Gibraltar’s government will soon include regulations about ICOs into the new framework regarding distributed ledger technology that they expect to set into effect by January of 2018.

A Casino Licensing Jurisdiction with Legalized ICOs

When it comes to legalized online gambling, Gibraltar is a country many professionals and amateur players recognize easily, as it was one of the first to offer online gambling licenses since 1998. During its heydays, one of the more favorable things about the licensing jurisdictions were the low annual licensing fees and fair taxation rate which drew many online casinos to the destination.

Known as an online Las Vegas, sort to speak, Gibraltar at one time even had 1/10 of its population employed by the casino industry, with many UK expats relocating to find employment there.  And with Initial Coin Offerings to be legalized in the country, the doors might open for more Bitcoin casino startups to relocate to the territory.

The GFSC’s press release states that the Commission is mulling over a “complementary regulatory framework” that would include the sale and promotion of tokens, in alignment with the new distributed ledger technology framework.  As of now, ICO campaigns remain an unregulated activity in Gibraltar, with investors having no authorized agency to seek help from should anything go wrong. The GFSC therefore aims to regulate the sector, although it still warns investors that ICOs can be “speculative and risky”

The new regulatory framework will actually seek to regulate all companies that use blockchain to store and transfer “value belonging to others”. It is part of a wider campaign from the local government to adopt cryptocurrencies and blockchain technology. After the release of the draft proposals for the regulatory changes, a number of cryptocurrency companies had reportedly decided to invest in Gibraltar.

ICOs – A Funding Option for Bitcoin Casino Startups

A number of Bitcoin casinos have successfully used ICOs to lift their business of the ground. One notable example is Betking Casino, which was launched with 6,000 BTC gathered through such a fund-raising campaign in 2013 and managed to achieve 400,000 BTC wagering volume by 2015. The site was then closed down, the investors’ money returned, and re-launched again with a new ICO campaign that managed to collect about $5 million worth of Bitcoins.

But success stories were not a part of every ICO launched by a Bitcoin gambling platform. Namely, a year after BetKing’s fund-raising campaign started, in 2014, Breakout Gaming also launched a token-based campaign to raise funds for their poker, betting, and casino platform. But as the times were bad for Bitcoin users in general, the campaign didn’t have a similar success, gathering only 387 BTC out of the proposed 1,000 BTC and prompting the owners to launch a second campaign.

September 27, 2017: • No Comments

Vegas Casino with a New Competition on Quickspin’s Fairy Gate

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Vegas Casino is one of the leading Bitcoin casinos, it offers a New Player Welcome Bonus up to 2000 mBTC and it features a wide range of popular casino games. It is a US friendly casino and it is already favoured by a large number of players.

In addition to the Welcome Bonus, the standard reload bonus, as well as the VIP Program, Vegas Casino also offers a range of competitions in which all players can participate and compete for some rather hefty prizes. Now, Vegas Casino has introduced a new promotion that lasts until the end of the month.

It Lasts until the End of the Month

The new competition gives you a chance to earn some extra money by playing the latest Quickspin slot game – Fairy Gate. You will need to check whether Quickspin slots are available in your country or region, otherwise it won’t be possible for you to participate. The competition lasts from the 20th of September until the 30th of September.

The rules are pretty simple, the more you play the greater your chances of winning a prize will be. The winner will be the player who is ranked first at the end of the bonus period and that player will be awarded with 200 mBTC. The player who is ranked second will be able to claim 150 mBTC, whereas the third player will be awarded a slightly smaller sum of money – 50 mBTC. The best part about this bonus is that the prizes are awarded in cash and you will be able to withdraw your prize right away.

The promotion ends at midnight on the 30th (GMT) and the prizes will be awarded on the 1st of October. Players must play at least 100 spins on Fairy Gate during the 11 day period if they wish to qualify. If you are one of the winners you can cash out immediately after you’re notified that you have won. All other casino terms and conditions apply, but due to the fact that there are no wagering requirements, you don’t have to worry about the terms and conditions that much, since most of them apply to the requirements and their completion.

Vegas Casino – a Casino of many Promotions

Vegas Casino always surprises its customer with interesting promotions and competitions like the one described here. That’s one of the main reasons for its popularity. Until the 6th of September Vegas Casino was running a two-week promotion on The King Panda video slot. For every 3 mBTC that were a wagered players received one ticket and it was possible to earn as many tickets as possible. Then, lucky 50 players won prizes, where the first prize was 800 mBTC, whereas the next 9 players won 60 mBTC each.

In July Vegas Casino ran a competition very similar to this Fairy Game promotion. The only difference was that players were supposed to play Big Bad Wolf, another great Quickspin video slot. We can be certain that after paying out to the winners on October 1st, Vegas Casino will introduce a new promotion. If you wish to participate you can visit Vegas Casino today and try your luck on Fairy Gate.

September 22, 2017: • No Comments

BitPay Releases Bitcoin Cash Support Update

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

It seems that Bitcoin is becoming extremely popular with casino players and that popularity might also grow in the future. Not only is Bitcoin the only payment method that allows players to fund their casino accounts anonymously, the payments are processed quickly and there are usually no charges of fees, plus the Bitcoin value seems to be growing which makes Bitcoin gambling even more profitable.

The number of Bitcoin payment processors is also growing, as a result of the increased customer interest.  Bitpay is one of the most popular Bitcoin providers that serves customers from all over the world. It has now announced that it will introduced a new open source wallet which will allow customers to store, keep and use Bitcoin Cash (BCH) as well as Bitcoins (BTC).

The Beta Version Has Been Released

The beta version of the wallet has already been released. The release of the wallet follows increased customer demands, as many felt that BitPay should allow its customers to use both Bitcoin as well as Bitcoin Cash if they wash. Now, with this newly released wallet, people have the freedom to choose between the two.

This Copay wallet with BCH support was created in April and all those who had Bitcoin wallets before that will be offered BHC support. All customers who wish to be able to store and use Bitcoin Cash in the app will only need to switch the BCH support setting on. The BitPay website informed its customers that the app can be used just like any other similar wallet.

There have been certain problems when it came to sending BCH to BTC addresses and vice-versa, but BitPay has already taken measures to ensure that it won’t be an issue and that customers will not send the wrong type of Bitcoin by mistake, or lose access to their funds. Not all providers that support Bitcoin Cash have taken these measures.

Great News for Bitcoin Casino Players

This is great news for the Bitcoin casino industry as a lot of Bitcoin casino operators already offer their customers a chance to fund their accounts with Bitcoin Cash. This will only make things easier for everyone. The reason why so many users are switching to Bitcoin Cash is that the transaction fees are usually lower compared to the fees for standard BTC transactions and Bitcoin Cash features on-chain scaling.

Knowing how often Bitcoin users have been the target of restrictive government policies which often protect state’s interests and monopolies, the appeal of Bitcoin Cash becomes even more evident. On top of that, it is also positive that the service is offered by a company that already has a lot of experience in the industry. As a reminder, a casino using BitPay became the first operator to be allowed to offer Bitcoin deposits and withdrawals in the UK.

If you are an Android user and you wish to access the beta version of the wallet, you will need to install the latest update on the device that you use to access your Bitcoin wallet and then make yourself a beta tester. If you have an iPhone or another iOS device you will need to contact the provider’s customer support via email and they will grant you access.

September 20, 2017: • No Comments

OSS Cub3d Poker Tournament Returns to America’s Cardroom

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Great news for Bitcoin players, Winning Poker Network’s (WPN) OSS Cub3d Poker series has officially been announced to return on scheduled dates by the end of September with preliminary details revealed across selected Bitcoin Poker platforms.  Following the DDOS attacks the network suffered recently and the temporary cancelation of the series, it’s good to have a confirmation that the multi-million event will actually take place and you can join it right from America’s Cardroom.

14$ Million Guaranteed!

Just like WPN’s announcement says, the tournament is only getting bigger and better. Namely, during this year’s OSS Cub3d there is a guaranteed combined prize pool of $14 million from all three series, over $7 million more than what the WPN has ever guaranteed before, including the cancelled summer event. Not surprising, considering the opening events for the summer went way over 50% of their guarantee.

The event will begin on September 24th and stretch until October 22nd. It will kick off with the MOSS (Mini Online Super Series) event, followed by the OSS (Online Super Series) and, finally, the BOSS (Bigger Online Super Series).

The MOSS Event will have a combined prize pool of over $2.5 million and more than 129 daily satellites with buy-ins ranging from $0.06 to $88, as well as a main $450,000 event on Sunday, October 1st, at 4:00 PM.  The OSS will begin the following day and stretch until October 15th, during which there will be 230 events with a guaranteed prize pool of over $6.6 million and a $1 million GTD MDS Main Event. The main event will take place on Sunday, October 15th, at 3:00 PM, and it will have a buy-in of $265, while other buy-ins will range from $1.10 to $530.

The BOSS main event will start at 1:00 PM on October 22nd with a buy-in of $2,100 and a guaranteed prize pool of $1 million. It will be followed by the second Million Dollar Sunday at 3:00 PM the same day, where the buy-ins will be $215. There will be a total of 93 events in the final series with a guaranteed pool of over $4.7 million and buy-ins ranging from $3.30 to the maximum $2,100.

To give you the recognition you need, WPN will also be giving 3 sterling silver bracelets to those who win any of the three main events. The bracelets will be shipped to the winners after the series end and they will be engraved with the claimed championship title.

Bitcoin Players Accepted

You can join the OSS Cub3ed series via America’s Cardroom. This poker site has been online ever since 2001 and has grown to become the most trusted US poker platform with more than 240,000 hands played on a daily basis and plenty of tournaments to keep you busy.  The poker room is available via a downloadable client on both Macs and PCs and is also fully open to Bitcoin players, which is not surprising considering restrictions in the US. If you’re signing up for the first time, you can also grab a bonus of 100% match of up to $1,000 worth of BTC.

If you’re interested in joining the OSS Cub3ed, you can check out America’s Cardrom by clicking this link here. Alternatively, you can also head down to Betcoin.ag where the OSS Cub3ed is also available.

September 15, 2017: • No Comments

Bitcasino.io Nominated for EGR Award

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Bitcoin casino Bitcasino.io has been shortlisted for the category Slots Operator of the Year for the 2017 EGR Operator awards. The nomination was announced through an official press release during the weekend from the casino’s operators, the Coingaming Group, where it was revealed that the Bitcoin platform will be competing for the prestigious award in a category for which 9 other operators are shortlisted.

A Milestone for the Bitcoin Casino Industry

The EGR (eGaming Review) Operator Awards are one of the biggest annual events in the online gaming industry, with each event attracting hundreds of professionals from the gaming sector, including representatives from some of the biggest online operators. They are sometimes called eGaming’s Oscars not only because of their significance but also due to the wide range of categories that cover anything from the best marketing campaigns to the most socially responsible operator of the year.

Bitcasino’s nomination is the second time a Bitcoin-oriented casino platform gets nominated for an award that’s recognized and valued by the traditional online industry. Previous winners of EGR awards were big online brands like Will Hill or Mr Green but thus far the only instance of a Bitcoin casino getting close to the bigger nominations was last year, when the same Bitcasino.io was nominated in the Rising Star category.

This year’s event will be taking place at the Grosvenor House on Park Lane in London on 26th of October, where nominated operators will be competing for an award in 30 different categories. William Hill, Slots Million and Paddy Power Betfair will be only some of the operators fighting against Bitcasino.io for the title of EGR Slots Operator of the year.

Dominic Bourke, Director of Casino at the Coingaming Group commented on the nomination by saying that being shortlisted was credit to Bitcasino’s fantastic team which helped build the innovative slots operation in the past years. He adds that the casino is looking forward to the EGR awards night but also providing its players with the “ultimate gaming experience”. Bourke had only joined the operator several months ago during a hiring campaign that also “stole” some of Will Hill’s own execs.

A New Platform for New Successes

Bitcasino.io is a gaming platform that’s built on the idea of providing a playing experience that is fast, fair, and fun. It is these three pillars that the operators believe have helped the casino establish and maintain a leading position in the slots and online gaming industry. Boasting to have the quickest withdrawal time of less than 2 minutes, personalized promotions, and localized versions of the platform for various languages, including Brazilian and Japanese, Bitcasino.io strives to provide an “enhanced” personal experience to its players.

The casino also recently went through an overhaul of its old gaming platform that aimed to simplify the game search and add more notification tools and shortcuts for faster and more convenient navigation. Another important addition during the recent remodeling were live dealer games, which helped the casino build an impressive portfolio of nearly 1,300 games. NetEnt, Ezugi, Evolution Gaming, and BetSoft are only some of the software providers you can now find at Bitcasino.io.

If you’re interested in seeing what made Bitcasino earn a nomination for the Slot Operator of the Year award, you can visit the casino by using this link.

September 13, 2017: • No Comments

BitStarz Player Hits $86k Win!

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

BitStarz seems to be on a roll in recent months as yet another player registered at the Bitcoin casino amasses a big win during a slot session with two consecutive wins.  Only two months ago the casino proudly shared a monumental win of $64,818 on the Hansel and Gretel slot, but this time it’s the BitStarz NetEnt slot addition that brought a new player a big lump of cash.

Two Wins in an Hour

In an official update to their blog on Tuesday, the casino shared the details of an unnamed player starting the week off on the right foot as he managed to get two wins on NetEnt’s Dead or Alive. Totaling $85,942 in cash, this was not the first time this slot paid out big to a BitStarz player, although the previous win was much lower – $21,266.

Dead or Alive is a Western-themed 5-reels slot game with 9 paylines, multipliers, and bonus free spins. The slot is known to be quite volatile, producing anything from small wins to some big payouts, as was the case on Monday. According to the casino, the anonymous player managed to hit the mother lode first by triggering a multiplier of 3,639x, followed by another 2,500x multiplier only one hour later.

Srdjan Kapor, Marketing Manager of the casino, says that this particular game was “notorious for big wins with a low stake”. The casino also expects the slot to continue paying out well as it has proven it could give big wins even in short time intervals. And if you’re skeptical about their words, you can find a video of the lucky wins when you go to BitStarz Casino.

Didn’t Get Lucky? Try Bitcasino’s Wolf Cub

If you too tried BitStarz this week and didn’t get lucky enough, there’s still a chance to turn your week around with Bitcasino’s Wolf Cub promotion. Another NetEnt game, Wolf Cub is the latest addition from the Swedish game studio at Bitcasino.io and to honor the occasion the operator is launching a promo prize draw with a total pool of over 2,800 mBTC in prizes that is to end this Sunday, September 10th.

To get a ticket for the draw, all you have to do is spend 3 mBTC on the Wolf Cub slot. Tickets are automatically given after each 3 mBTC up to a total of 50 tickets per day. The promotion began yesterday, September 7th, and it will last until Sunday, with the draw scheduled for the following day. The biggest spender will get a 550mBTC prize, the second place 80 mBTC, and the third a 70 mBTC cash chunk, all wager-free. Even if you don’t climb up the top three spots, there’s 4 mBTC prizes for players number 4 -500.

The Wolf Cub is a 5-reels, 20 payline release with cartoonish graphics and up to 115 free spins up for grabs. The bonus rounds come with a special feature called the Blizzard, where Expanding Wilds can be triggered for maximum wins. If you want to check it out, feel free to give Bitcasino a visit.

September 8, 2017: • No Comments

Australia to get 2,900 Bitcoin “Two-Way” ATMs

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Bitcoin gamblers in Australia were treated with some great news this week as online tech portal ZDNet revealed that a local ASX-listed (Australian Securities Exchange) company Digital X has partnered up with fintech company and ATM provider Stargroup to supply Australia with a large number of “two-way” Bitcoin ATMs.

According to the update, instead of resorting to around two dozens of ATMs that are currently in existence, most of them only selling Bitcoin, local players of Bitcoin casinos will now be able to find a large network of machines they can use to both buy and sell their Bitcoins.

A Joint Operation

The partnership was revealed in a statement to the ASX this Monday which said that the two companies will be working together to roll out around 2,900 Bitcoin ATMS in the country. Around 500 of them are directly operated by Stargroup, while 2,400 will be managed through Stargroup’s subsidiary StarLink. According to the statement, the current process for cashing out Bitcoin can take days with a digital currency exchange online but their ATMS will allow instant conversion of Bitcoins into Australian dollars and vice versa.

For this purpose, Digital X will be working on building an API that could facilitate such transactions while Stargroup will be developing the software for the ATMS that would allow the processing of Bitcoin transactions. Digital X has also built a secure ledger system by using blockchain technology, which would help for the Bitcoin transactions to be released at all of Stargroup’s Australian ATMs. The transaction fees will be shared by both companies

The two companies are no new faces in the fintech industry, nor are they unfamiliar to the Australian public. Digital X is 40% owned by Blockchain Global, who run their own Bitcoin exchange ACX.io, which was reportedly the largest BTC exchange in Australia by volume, Blockchain Global CEO Sam Lee claimed in February. It was also through a partnership with a Perth firm Lateral Pty Ltd that they started producing blockchain-based products for major enterprises in the country and Asia.

Stargroup, on the other hand, has ownership interest in South Korean ATM manufacturers, NeoICP Korea, who also provide coin counting, back-office, and banking solutions. The company also has around 16,000 ATMs in South Korea.

More Bitcoin, Tighter Regulations

The “overhaul” of Australia’s ATM network is coming not long after the government announced they will be regulating Bitcoin exchanges in the country more tightly in order to battle the misuse of digital currencies for criminal activities. According to a CNBC report, the local government has recently proposed a set of reforms that would bring BTC exchanges under the watchful eye of the AUSTRAC (Australian Transactions and Reporting Analysis Centre).

Speaking to a press release Michael Keenan, Australia’s Justice Minister, informed the media that this was the first time cryptocurrency exchanges will be regulated and that regulation was to play a vital role in Australia’s national security.  But while the decision could be  looked at positively as it signifies the widening acceptance of Bitcoin ‘s influence by governments, for most Australians who use Bitcoin to play casino games or move funds it surely will be frustrating if regulation was to lead to the loss of Bitcoin’s cherished anonymity.

September 6, 2017: • No Comments