The potential merger of blockchain technology and iGaming, as expressed by GlobiancePay, demonstrates how digital currencies have the capacity to revolutionize the industry.
During a recent talk with SiGMA News at the ASEAN Gaming Summit in Manila, Mauricio Carrillo-Palacio, GlobiancePay’s Chief Strategy Officer and Head of Americas, discussed the conversion of iGaming businesses to cryptocurrency transactions and bespoke client wallets. This enhances business performance and improves customer interaction, utilizing the distinctive benefits provided by blockchain technology.
Eyeing expansion in Asia
In addition, Carrillo-Palacio envisions a future where traditional finance and digital currencies amalgamate seamlessly. He elaborates why the company, established in Europe in 2018, is strategizing on broadening its presence in Asia.
The 2023 Global Crypto Adoption Index of Chainalysis lists eight top-ranking Asian countries that have embraced digital assets from the grassroots level. They include India, Vietnam, The Philippines, Indonesia, Thailand, China, Bangladesh, and Japan.
Philippines and Asia: A hotbed for growth
As per Carrillo-Palacio, the gaming and betting sectors of the Philippine market offer a perfect opportunity for GlobiancePay’s growth. Since Manila hosts numerous events and expos, it is considered a critical market for introducing blockchain and crypto into the mainstream industries. Similarly, the wider Asian market also displays an avid interest in iGaming and betting, aligning well with the flexible payment and wallet solutions offered by GlobiancePay.
The role of Crypto in Remittances
The remittance component of the crypto market in the Philippines is thought to be significant, given the large number of Overseas Filipino Workers (OFWs). Carrillo-Palacio expressed to SiGMA News that GlobiancePay plans to create a transformation in remittance services by providing an economical alternative to traditional remittance methods. Implementing blockchain technology, GlobiancePay aims to reduce significantly the remittance charges, thereby enabling both the sender and receiver while also contributing to financial literacy and education programs.
Significance of Crypto and Blockchain education
Highlighting the essential role of education in promoting the growth of crypto and blockchain, Carrillo-Palacio pointed out how awareness and information on these technologies can be useful in distinguishing scams from genuine offerings. Simultaneously, GlobiancePay has integrated education-based initiatives in its projects to promote financial literacy, attract more people towards legal endeavors and drive industry growth.
Bitcoin’s Future Potential and Regulatory Environment
Commenting on the potential of Bitcoin surpassing $100,000 by 2024, Carrillo-Palacio acknowledged the volatility of the crypto market while expressing optimistic views about the future of leading cryptocurrencies, driven by developments in blockchain technology. Further, he highlighted the necessity of a well-grounded regulatory framework for maintaining confidence and stability in the industry.
Creating a Global Crypto Bank
Looking forward, Carrillo-Palacio stated that GlobiancePay is working towards becoming the world’s first regulated global crypto bank and democratizing financial services. By focusing on the globally unbanked population, GlobiancePay aims to accomplish a grand vision of financial inclusion leveraging blockchain technology.
