Blockchain-based casino Edgeless recently received its license from Curacao, becoming the first licensed blockchain casino.
With the Curacao license, Edgeless can enjoy several benefits like access to banking services. This development can also benefit other Blockchain casinos as it opens the door for more online casinos running on blockchain to get the nod of regulatory bodies across the globe.
Edgeless Casino Runs on Ethereum
One of the first Ethereum-based casinos, Edgeless utilizes the Smart Contract Blockchain technology of Ethereum to create a transparent casino.
Its name comes from the absence of the house edge. Common casinos usually have a house edge of one to five percent. This means that online casinos are guaranteed that they receive up to five percent losses from players. Even Bitcoin casinos have a house edge of around one percent.
The Edgeless platform, on the other hand, can run without any house edge. This helps to form trust and confidence among the players of the site.
Transparency is the key benefit of the Edgeless platform. By using the Smart Contract Blockchain, all game algorithms are open to the public which allows for open audit. This makes it virtually impossible for anyone to cheat the system.
New Version for Curacao License
By acquiring a casino license from the Curacao jurisdiction, Edgeless can enjoy the benefits of being a licensed operator. The license allows Edgeless to offer its services within the Curacao jurisdiction. It grants Edgeless with legitimacy and credibility in the iGaming industry. This assures players that the platform is authentic.
Many doors will be opened for blockchain-powered casino through the use of a license. This includes a partnership with leading exchanges, banking services, e-wallet providers, media networks, and more.
To comply with the Curacao jurisdiction, Edgeless is launching a 0.2 version of its platform on Jan. 18. The new version will require users to go through KYC and verification procedures. This process is similar to what cryptocurrency exchange sites use.
Having a license can help Edgeless to compete with traditional gambling sites. The blockchain-powered casino operator plans to also acquire licenses from other jurisdictions with the help of its legal team.
Implications of a Licensed Blockchain Casino
Edgeless acquiring a casino license is a major milestone in the iGaming crypto industry. This can pave the way for other blockchain-powered casinos like DAO.Casino to obtain a casino license in Curacao or other jurisdictions.
It is, however, important to note that the Curacao jurisdiction is not as strict as other jurisdiction. The main concern of the regulating body of Curacao is for Edgeless to comply with its Know Your Customer (KYC) and Anti-Money Laundering/Combat Financing Terrorism (AML/CFT) procedures.
Despite the limitations of the jurisdiction, this is a significant first step for blockchain casinos to work with regulated jurisdictions. Smart Contracts are compatible with KYC procedures because of how it can identify and verify various customer data. These data are also recorded into the blockchain where it can be viewed by anyone at any time and not be altered.