A lot seems to be going on at PlayChip Foundation Ltd lately. Just days ago, the blockchain technology company introduced a betting platform. Most importantly, the platform would be the first one powered by blockchain with transactions in cryptocurrency. In a recent press release, PlayChip acquired an exchange license to add more services to its ecosystem.
Huge Step as PlayChip Acquires Exchange License
Particularly, the release reveals that PlayChip Foundation Ltd will operate a registered digital currency exchange. The Australian Transaction Reports and Analysis Centre (AUSTRAC) is the registering authority. According to the company, the license will help in achieving the firm’s global strategy. Furthermore, with the license, it means the foundation will legally transfer digital assets subject to anti-money laundering regulations.
Therefore, this is a great opportunity for growth. The PlayChip ecosystem is a step closer to self-sufficiency in terms of cryptocurrency services. Besides that, the platform has a native token with which users can make transactions. Presently, the users can also use it to purchase other digital tokens over the same platform.
Furthermore, PlayChip added several new platforms that include betting using cryptocurrency. Therefore, making news on this scale in a space of two weeks was no difficult feat. Daniel Simic, the company’s board member, agrees how special the period is. In addition, Simic believes the Digital Currency Exchange will help increase the usage of PlayChip digital currency, which will increase its adoption rate as well.
“The creation of an all-in-one gaming ecosystem with an inbuilt exchange is a massive step forward for the industry. One of the major challenges for the adoption of cryptocurrencies is the lack of ease of use and access. Many people get frustrated by holding several exchanges accounts, multiple KYC processes, private keys, and the process of transferring crypto from one place to another. The PlayXchange solves this problem.”
Interestingly, this platform offers convenience not seen anywhere else. According to the press release, users and players will be able to link their banks to the wallet. Additionally, the exchange includes a digital wallet which will store all the assets in one place.
To top it off, users will be able to buy and sell PlayChip digital currency. Also, they will be able to exchange the digital currency for paper currency. The expanded platform offers unparalleled convenience to users which will boost the availability of PlayChip digital currency. Most importantly, users will need to pass only one know-your-customer (KYC) to transact on the platform.
Correction: An earlier version of this article mentioned PlayChip “will operate as an ‘approved’ digital currency exchange” and that “(AUSTRAC) is the ‘approving’ authority.”
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