Latest Articles

Game Developers Now Depend on Blockchain Technology More Than Ever

Newzoo, a leading market researcher, expects the global games market to grow by approximately 30 percent over the next three years. By 2021, the global gaming market is estimated to reach an astounding $180.1 billion. With that sort of market growth, it’s not surprising to see blockchain technology attempt to disrupt the industry.

Gaming market analysis typically starts by looking at the expected growth of gamers. And while that is certainly important, it’s also critical to look at changes that impact game developers and publishers. Their motivation and success are necessary to continue moving the industry forward.

Xsolla, a platform that has been in existence for more than a decade, has become a powerhouse in the gaming industry. While the platform began with the sole purpose of allowing players to acquire in-game items, it now claims 500 million users from over 200 countries and turnover of nearly $100 million per month.

And, critically for the adoption of digital currency in the gaming industry, Xsolla allows developers to withdraw earnings through fiat or MGO tokens, MobileGo’s native currency.

Game developers can be very small companies with just a few employees. However, more often than not, they are larger companies that depend on earnings to pay salaries, contractors, office space and state-of-the-art equipment. When developers withdraw via the traditional method of fiat, there can be expensive transactional fees and commissions that come along with that. Additionally, developers normally have to wait a bit of time (several days at a minimum) before receiving the fiat funds.

So, while blockchain technology’s impact on this space may not be totally revolutionary, it certainly is impactful. Developers can opt to withdraw their earnings via MGO tokens and eliminate the expensive fees and long delays commonly associated with fiat. MGO tokens now provide developers with a fast, easy-to-use and secure payout method.

While MGO is currently the only available cryptocurrency withdrawal method on Xsolla, there are sure to be others in the future.

FinCEN Takes First-Ever Enforcement Action Against Cryptocurrency Trader

Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a peer-to-peer bitcoin trader for violating anti-money laundering (AML) regulations, its first enforcement action against a cryptocurrency exchanger. According to the agency, the exchanger failed to register as a money services business and failed to report "suspicious transactions," among other violations. The exchanger has been assessed a $35,000 fine and is now prohibited from providing money transmission services.

2019 Investments in Crypto and Blockchain Startups at $850 Million

Source: Reuters

According to data compiled by Pitchbook for Reuters, venture capital investment in crypto and blockchain startups has reached $850 million so far this year.

EEA Launches 'Token Taxonomy Initiative'

The Enterprise Ethereum Alliance has announced a "Token Taxonomy Initiative" to develop universal definitions for tokens to encourage their interchangeability across blockchain platforms. Members of the initiative include Microsoft, R3, ConsenSys, IBM, EY, Accenture and Intel.

Gemini Adds Support for SegWit

Source: Gemini

Gemini Trust, a New York-based cryptocurrency exchange, has announced support for Segregated Witness (SegWit) addresses and transaction batching. As a result, customers can now use SegWit addresses for bitcoin deposits and withdrawals, ideally improving processing times and lowering bitcoin withdrawal fees.