Cozy games became the first regulated igaming operator to accept cryptocurrency payments when it announced a partnership late last year with payment processor GoCoin to deliver bitcoin, litecoin and dogecoin payments on its platform.
GoCoin said Cozy Games will enjoy a dramatic reduction in transaction costs, chargebacks, and cross-border fees. The company is well positioned to support the igaming industry, and pointed out that its e-commerce platform is ideal for processing cryptocurrency transactions for international gaming operators considered ‘high risk’ by traditional payment networks. Co-founder and CEO of GoCoin, Steve Beauregard, said, “By accepting cryptocurrencies through the GoCoin payment platform, regulated online gambling operators can engage new markets like the underbanked that are historically difficult to reach”.
The potential issues with cryptocurrency payments won’t affect the partnership, and GoCoin was clear that Cozy Games, and other potential partners, would share none of the security, volatility or complexity of dealing with digital currency directly. The platform protects merchants from these risks by allowing them to settle transactions in the currency of their choosing, while GoCoin takes on all the risks associated with digital currency.
The GoCoin platform also integrates its Know Your Customer (KYC) procedures with the operators platform, thus enabling the player to be identified, but at the same time guaranteeing privacy. Sreeram Reddy, CEO of Cozy Games, said of the partnership, “GoCoin’s solution is adaptable and compliant with internet gaming law, allowing us to safely adapt the latest payment innovations while focusing on our core strength of delivering an excellent online experience for our players”.
Cozy games was founded in 2005 and has a product suite of over a hundred games, including bingo, classic and video slots, table games, scratch cards, and network jackpots.