Having set-up new industry body the Double C Foundation, to help bring and better understand crypto currency utilities for industry stakeholders and operations. SBC interviews John Caldwell Director of Advocacy on why industry leadership must now pay attention to crypto as a discipline and function…
SBC: Hi John, thanks for the interview. Can you detail to SBC readers what new industry body The Double C Foundation is and what it will bring to market by relaunching the CasinoCoin cryptocurrency?
John Caldwell: The establishment of the Foundation is a core part of our relaunch of CasinoCoin, and will be an important factor in driving the coin’s future success. The Foundation has been set up to promote adoption and the best-use practices of the coin, and cryptocurrency in general, in regulated markets around the world.
Cryptocurrency has huge potential to help bring igaming to new audiences, but we need to educate both operators and players before that can happen. The launch of the Foundation on the Isle of Man is a major step in ensuring educational resources are more widely available.
We also recently announced the establishment of an advisory board to help the Foundation, featuring execs with a broad range of experience from across the world of gambling. Gamesys CEO Lee Fenton, OPL Gaming Group CEO Sam Hobcraft and Kindred Group CPO Britt Boeskov are among those joining the advisory board, and the wealth of experience this group has displays the growing excitement surrounding and confidence in CasinoCoin. I’m thrilled to have them on board.
SBC: Many of our readers will know you from your executive tenure with Poker News and PokerStars. As an industry stakeholder, what attracts you to new crypto disciplines and dynamics?
JC: From when I first began working in the industry I have always been interested in how new technology can impact and enhance both the operator and customer experience. In the early days of PokerNews, I felt we really broke some ground – particularly with respect to content localisation. Cryptocurrency has real potential in the gambling industry, through factors like transactional speed, transparency and verifiability, which can provide clarity that consumers and operators can take advantage of in new ways. However, the only way to achieve this is if coins work closely with operators and regulators to make sure the potential of cryptocurrency is realised in the right way.
SBC: Why have regulatory bodies taken well to your CasinoCoin project? What do you believe is the industry-changing potential of CasinoCoin as an industry-centric currency?
JC: I think that the only way for cryptocurrencies to find a foothold in the world of igaming is by embracing regulation and focusing on regulated markets first. From day one when we took over the coin we have focused strongly on regulation. Once regulators were shown what is possible with crypto if used in an appropriate way, they have been really engaged. Crypto has certain qualities current funding mechanisms by definition cannot have.
Broadly speaking, there is a lack of recognition in the industry as to what the advantages of cryptocurrencies are for both players and operators. For any operator or provider looking to implement cryptocurrency transactions, but lacking in the know-how, there are limited resources available to help them on their way. The good news is this lack of recognition is improving every day, and is another thing that the establishment of the Foundation and its advisory board are tackling, to provide these companies with the knowledge they need to implement CasinoCoin and crypto in general with total peace of mind.
SBC: From your research, are industry leadership stakeholders excited by crypto dynamics? Will we see a crypto emphasis in 2018 for betting operators?
JC: People see the potential. I did not have one single person turn me down to be on the Advisory Board. Obviously, I’m bullish, but I did not expect 100%. This to me shows a lot of confidence in both the potential of CasinoCoin and interest in cryptocurrency more generally.
Cryptocurrencies are a relatively new innovation, but we are seeing the technology build real momentum. We are witnessing a big upswing in interest in crypto technology, and crypto has been a big topic of discussion around the highways and byways of industry conferences this year and will continue to be so through 2018 and beyond.
The potential of cryptocurrency is something the gambling industry is just waking up to, but I would say that is in part down to the implications of integrating cryptocurrencies that exist in an unregulated space. This is where CasinoCoin comes in, and where our regulatory first approach, with factors such as KYC, AML and responsible gambling features built-in from moment one, will help to move the coin forward as the cryptocurrency for the regulated igaming industry.
SBC: Assessing the industry’s current technology output and value chain, where do you feel that crypto disciplines will have the biggest impact for betting products and consumers?
JC: Giving customers transparency across all levels of the igaming experience is becoming an increasingly important part of where customers are choosing to wager their money, and this is an area that CasinoCoin and cryptocurrencies can give players, operators and providers complete peace of mind on, with all transactions visible at every level of the underlying blockchain.
CasinoCoin’s speed for consumers also sets it above certain other cryptocurrencies. Bitcoin is simply not practical from a moment to moment transactional perspective. That’s one of the things we wanted to focus on from the beginning with CasinoCoin.
SBC: Finally looking forward, what are the next milestones for CasinoCoin and the Double C Foundation?
JC: We spend pretty much all of our time thinking about adoption. We’re under no illusion that this will be challenging, but we really believe that gambling is a near ideal fit for the strengths of crypto.
Everything we do at CasinoCoin is aimed at bringing the coin and cryptocurrency into the regulated mainstream, building both quality and trust as we expand our reach.
John Caldwell – Director of Advocacy for the Double C Foundation