Hybrid blockchain platform provider LTO Network Incorporated has announced that it has partnered with fellow Dutch firm Sphereon so as to trial its technology inside London’s prestigious Les Ambassadeurs Casino.
The Amsterdam-headquartered innovator used an official Thursday press release to declare that this first-of-its-kind test is destined to ‘revolutionize how the gambling industry works’ by allowing patrons inside the historic British casino to quickly and easily transfer their winnings utilizing verified identity credentials.
LTO Network Incorporated pronounced that it has developed ‘Europe’s most advanced blockchain project’ that is already being utilized by government agencies and businesses around the world. It also stated that this network may be exploited to supply ‘solutions for decentralized data security, digital identities, privacy and the ownership of digital asset and digital collectibles.’
Rick Schmitz serves as the Chief Executive Officer for LTO Network Incorporated and he used the press release to proclaim that Sphereon has now built a solution that will leverage its own ‘privacy and GDPR-friendly verifiable credentials’ in addition to its ‘decentralized identifier technology’. The innovator asserted that this will allow its network to be utilized by Les Ambassadeurs Casino, which is located in the capital city’s exclusive Mayfair district, in order to improve customer experience and enhance safety and compliance protocols with ‘reduced costs and administration.’
Read a statement from Schmitz…
“Gambling is one of the big drivers of technology as over 20% of the world’s population gambles to make the industry worth well over $711 billion. As the real world and virtual world merge, regulations are required and our network is the premiere solution to be the new crypto-friendly backbone for how this world now operates.”
For his part and the Chief Executive Officer for Les Ambassadeurs Casino, Kevin McGowen, disclosed that the novel approach from LTO Network Incorporated and Sphereon is destined to allow his venue’s customers to store their winnings in a stable-coin wallet. He noted that other casinos will subsequently be able to recognize these punters and allow them to utilize their associated purses to enjoy a wide range of entertainment.
A statement from McGowen read…
“The teams at Sphereon and LTO Network Incorporated are a key component of the vision we have for a future where casinos are interoperable. Using this technology, we can focus on bringing players a world-class experience.”
The Legal and Compliance Director for Les Ambassadeurs Club, David Livermore, declared that in today’s highly-competitive casino market it is growing increasingly essential for properties to be able to exploit ‘appropriate modern methods’ for the purposes of transacting with players ‘in a way that is safe, enhances anti-money laundering compliance and improves the customer experience.’
Livermore’s statement read…
“Cheques are a 19th Century instrument. No one carries a cheque-book anymore and banks have admitted that processing cheques, particularly those banked overseas, is an outdated and expensive process and one for which they are reluctant to continue.”