With crypto prices in in flux, Phil Nagy, CEO of the Winning Poker Network (WPN) explained the mistakes that his company made when they first adopted cryptocurrency back in 2014. In a session held at the Amsterdam Affiliate Conference last week, he shared all the benefits and values of their crypto customers.
Crypto was just 2% of the company’s business when they began and now it has risen to 60% due to the rise in Crypto prices. According to Nagy, all gambling-related businesses should start using this payment method or they would be left behind. He also claimed that “The average player value of a crypto user is double that of a player using traditional processing methods, so our customer value has doubled with cryptocurrency.”
Crypto Prices: The Belief in Cryptocurrency
On top of that, Nagy mentioned that everyone in their office uses crypto and firmly believes in it. He fundamentally believes that in the long term, crypto prices will rise exponentially. In his experience, once a person moves over to crypto and starts learning about it, that person will never go back. Crypto lowers the cost of a transaction but not everyone is using it because there is not enough guidance out there to help everyone. This is why he believes that WPN made a lot of mistakes with crypto back in 2014 but he is grateful that it didn’t cost them a fortune to learn from those mistakes.
WPN’s Head of development of the cashier platform, Gustavo Granados Medina believes that one of the mistakes they made was trying to use a traditional system for handling crypto. An old system won’t be able to handle it which is why a different approach is needed.
Last but not least, Nagy claimed that crypto can be transferred to other forms of online wagering even though at the moment it’s only used for poker at WPN. “We take 60 different cryptocurrencies and I know that it can be transferred to other online and mobile gambling methods”.
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