Paysafe has announced the launch of a new cashier option, Pay with Crypto, targeted specifically at iGaming operators and daily fantasy sports brands in the United States. This innovative service, developed in collaboration with MoonPay, allows players to fund their gaming accounts using stablecoins and various cryptocurrencies, where regulations permit. This move is part of Paysafe’s ongoing strategy to expand its services globally, including a planned entry into the Peruvian market in 2025.
The timing of this launch aligns with a significant shift in consumer behavior towards cryptocurrency. Recent data indicates that around 70.4 million Americans own some form of cryptocurrency, and PaySafe’s own research highlights that 83% of US gaming customers are interested in using crypto as a payment option. During the Super Bowl, more than half of bettors utilized online payment methods, further illustrating the trend towards digital financial tools among gamers.
Zak Cutler, the President of Global Gaming at Paysafe, emphasized that stablecoins are changing the perception of cryptocurrency from a speculative asset to a functional payment method. Pay with Crypto aims to leverage this transition by providing a compliant payment solution tailored to the regulated gaming environment.
The mechanics of Pay with Crypto prioritize ease of use and rapid transactions. Players can select the Pay with Crypto option at the cashier, choose their preferred stablecoin or cryptocurrency, and connect their crypto wallet to finalize the deposit. MoonPay’s technology facilitates the transaction and includes support for QR code payments for mobile users. Upon verification, the cryptocurrency is converted into US dollars instantly, and this conversion occurs at the point of deposit, ensuring that gaming operators receive fiat currency, which alleviates the volatility risks typically associated with cryptocurrency transactions.
Additionally, operators have the flexibility to receive funds almost instantaneously in stablecoins or in US dollars via MoonPay’s Virtual Accounts, which are supported by Iron. This flexibility allows operators to optimize how they manage their financial transactions within their preferred regulatory frameworks.
MoonPay’s role in this partnership is crucial. The company’s founder and CEO, Ivan Soto-Wright, articulated a vision of reducing the gap between cryptocurrency technology and practical payment applications. He believes that individuals should not be obliged to convert crypto assets into fiat for everyday purchases, a premise that aligns well with the gaming industry’s high transaction volumes and tech-savvy customer base.
The availability of Pay with Crypto is contingent upon individual state regulations pertaining to cryptocurrency deposits in the US, where laws vary significantly. As a result, compliance concerning jurisdiction-specific approvals rests with the operators integrating this payment option into their systems.
This launch occurs against a backdrop of increasing scrutiny from Congress and regulators regarding stablecoins, with various legislative proposals aimed at establishing a formal federal framework for their issuance and use. A clearer regulatory landscape could promote greater acceptance of cryptocurrency deposits among gaming operators.
For licensed operators, the introduction of Pay with Crypto addresses competitive challenges posed by offshore betting platforms that regularly accept cryptocurrency. This regulated option could help bridge the gap between licensed and unlicensed channels while reducing regulatory risks.
For Paysafe, adding cryptocurrency payments to its existing suite—including bank transfers, cards, digital wallets, and cash vouchers—enhances its payment portfolio, allowing US gaming operators to compete more effectively in both product offerings and the payment experience.
