NetworkNewsWire
Editorial Coverage: Which sporting industry is enjoying
explosive growth, both on and off the field? Would you be willing
to place a wager on your guess? If you said, “Yes,”
to that proposition, you aren’t alone. According to a market
research report from Technavio, the sports betting market occupies
the largest share in the overall gambling market, accounting for
around 40 percent of gambling revenue generation around the globe
(http://nnw.fm/4lcAh). Annual revenues are in
the region of $400 billion each year, according to the report, but
it is also well-known that some critics are concerned about
betting’s purported lack of security and transparency. Companies
willing to forge a new path and create innovations in this highly
lucrative industry are betting blockchain technology has the
winning answer for critics and players alike. Victory
Square Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6)
(VSQTF
Profile) is joining a growing list of
blockchain technology companies willing to put money on the table,
such as Riot Blockchain, Inc. (NASDAQ:RIOT),
NetCentsTech (NC:CC), BTL Group (TSXV: BTL) (OTC:
BTLLF), and HIVE Blockchain
Technologies Ltd., (formerly Leeta Gold
Corp.) (OTC: PRELF).
Blockchain technology and cryptocurrencies are taking the world
by storm, and the multilevel gaming worlds of live and fantasy
sports venues are entering that vortex with a vengeance.
In a report on the global online gambling market, Statista notes
a consistent growth rate over the last few years from around US $20
billion in 2009 to more than US $40 billion last year (http://nnw.fm/W3vW8). Blockchain provides the sports
betting community with the security of knowing its investments are
being guaranteed by smart contracts underpinned by a secure and
trusted payment platform. Fantasy sports enthusiasts, as well as
those who attend live gaming events, are part of an active, online
social network of people who enjoy the excitement, banter and
potential winnings of betting and playing a part in the world of
sports. What is often lacking in sports betting, however, is
convenient payment options for sports fans.
Victory Square
Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6), a venture
builder that creates, funds and empowers entrepreneurs, is one
company addressing this need.
As an initial investor and incubator of companies utilizing
blockchain technologies — the powerful and transformative
technology behind cryptocurrencies like Ethereum and bitcoin —
Victory Square is well positioned to be at the forefront of
an industry that, according to numerous research reports (http://nnw.fm/tm9lT), has nowhere to go but up —
especially as online gaming stretches its reach across the
globe.
Blockchain technology is a form of distributed ledger technology
that employs an encrypted or encoded database of transactions in
the form of blocks arranged in chains. The technology makes
transactions virtually immutable, and has the potential to increase
transparency for regulatory reporting, to minimize risk and to
improve contractual performance — exactly what millions of sports
enthusiasts betting on their favorite teams want when jumping into
the game.
Victory Square’s early investment into FansUnite, a leading
social sports betting network readying an ICO with a sports betting
token called a “FAN,” is a prime example of Victory Square’s
increasing reach in the market.
"Blockchain technology and the inherent security it provides
will enable us to push every envelope we can to build the most
dynamic and responsive social sports betting platform," FansUnite
co-founder and CEO Darius Eghdami stated in a press release
(http://nnw.fm/UKz3N). "The opportunity to
secure data through Blockchain certainly appeals to the accountant
in me and we are confident it will become the gold standard among
sports betting sites around the world."
FansUnite is also breaking new ground with the introduction of
Fan Tokens, an in-game currency purchased with the cryptocurrency
Ethereum (http://nnw.fm/9jBcu).
These aren’t Victory Square’s first moves to take advantage of
market opportunities created by blockchain technology. The company
made several early partnerships and investments in the space,
including its incubation and investment in BTL Group
(TSXV: BTL) (OTC: BTLLF) three years ago. BTL,
which was the first public blockchain technology company, is now a
$250 million company offering blockchain solutions across multiple
industries with particular focus on the finance, energy and gaming
sectors. BTL’s showcase product — Interbit — is a blockchain
platform that facilitates the rapid development of business
applications that dramatically improve efficiency. Some of the
world’s largest institutions are using Interbit to explore new
opportunities on private blockchains.
Riot Blockchain (RIOT) is
a like-minded company focused on
developing the future with blockchain technology and the use of
cryptocurrencies, with a focus on the bitcoin and Ethereum
blockchains. In an announcement Dec. 4, Riot reported that one of
its strategic portfolio holdings, goNumerical Ltd (dba
“Coinsquare”) had closed a CAD $10.5 million investment at a CAD
$110.5 million post-money valuation. The new valuation for
Coinsquare, a leading Canadian digital currency exchange, is over 3
times the valuation from Riot’s investment in September 2017
(http://nnw.fm/2Vnl4).
Also supporting cryptocurrencies and other innovative payment
methods is NetCents Technology (NC:CC), a
next generation, electronic online payment processor that also
supports multiple traditional currencies. NetCents states it is
utilizing its existing delivery ecosystem to introduce a
proprietary coin, the NetCents Coin, that will have its initial
releases in Canada and Europe. The digital coin will be operated
under a structured coin release to prevent price speculation, will
be backed by a Treasury Reserve Account, and will be structured
with counterfeiting prevention and fraud risk detection, leveraging
next-generation algorithms (https://net-cents.com/).
Another company in the arena is HIVE Blockchain Technologies
Ltd., rebranded from its former name, Leeta Gold
Corp. (OTC: PRELF), a
cryptocurrency mining firm that is drawing attention from all
quarters because of its exclusive partnership with Genesis Mining,
the world’s leading cryptocurrency mining hashpower provider
(https://www.hiveblockchain.com/). Hive continues to
pursue further blockchain opportunities, which includes holding
onto the option to acquire at least three additional data centers
in Iceland and/or Sweden from Genesis.
As these blockchain players continue to carve their niche in the
industry, Victory Square is widening its reach. Earlier this week
the company unveiled its most recent portfolio company, VS
Blockchain Assembly, Inc. This Victory Square-incubated company is
a dedicated blockchain and crypto investment and advisory services
firm providing financial, technical and management services to
developing early-stage blockchain technology companies. Blockchain
Assembly also aims to enable existing technology companies to
accelerate the integration and implementation of blockchain into
their growth plans.
“Recognizing that technology companies are prioritizing the
integration of blockchain into their core technology, and utilizing
token generation events (TGE) or initial coin offerings (ICO) as
new ways to raise capital and acquire customers and early adopters,
Blockchain Assembly has been built to service this market
opportunity,” Victory Square CEO Shafin Diamond Tejani stated in
the press release (http://nnw.fm/4Uluc).
The company’s initiatives represent a portion of the incredible
opportunities of blockchain technology for application in sports
betting and a variety of other high-demand industries. Blockchain
technology and the development of digital currency payment
solutions could be a promising investment option available to those
wagering on flexible innovations.
For more information on Victory Square, visit Victory Square
Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6).
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