Amsterdam, April 14, 2022 — Dutch blockchain leaders LTO Network and Sphereon have partnered with the prestigious Les Ambassadeurs Casino. Today, they announced the beginning of live trials for a world-first — using blockchain technology to revolutionize how the gambling industry works.
The team at Sphereon has built a solution that leverages the LTO Network’s privacy and General Data Protection Regulation-friendly verifiable credentials and decentralized identifier technology to allow casino players to transfer their winnings.
Les Ambassadeurs Casino is using LTO Network’s blockchain to create an improved customer experience, enhanced safety and compliance at reduced costs and administration.
This innovative solution, to be trialed this year, will provide a secure mode with verified enhanced due diligence that will allow casino players to withdraw or transfer their funds to another casino in the system. This approach offers greater security for the player and the casino operator when the player cashes out, reducing the reliance on reward checks.
“It is essential that the casino business finds appropriate modern methods to transact with our customers in a way that is safe, enhances Anti-Money Laundering compliance and improves the customer experience. Checks are a 19th-century instrument; no one carries a checkbook anymore, and banks have admitted that processing checks — particularly those banked overseas — is an outdated and expensive process and one that they are reluctant to continue with,” said David Livermore, legal and compliance director of Les Ambassadeurs.
This novel approach will allow a player’s winnings to be stored in a stablecoin wallet. Other casino operators can then recognize the player and the associated stablecoin crypto wallet, and the player will be able to use those winnings to gamble.
“Gambling is one of the big drivers of technology. More than 20% of the world’s population gambles, and the global industry is worth more than $711 billion. As the real world and virtual world merge together, regulations are required, and our network is the premier solution to be the new crypto-friendly backbone for how this world now operates,” said Rick Schmitz, CEO of LTO Network.
A model for the future of gambling and casinos
This will become a multi-casino solution. Les Ambassadeurs is conducting the first pilot with the aim of being an industry leader in a future where blockchain empowers regulation-guided businesses.
“The teams at Sphereon and LTO Network 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,” said Kevin McGowen, CEO of Les Ambassadeurs.
Casinos are competitive businesses seeking to leverage the compliant regulatory framework offered by LTO Network’s platforms and Sphereon’s experience. This new and innovative approach will provide a more appropriate business and operating model for land-based casinos in the modern world.
“We are committed to using our expertise to deliver unique blockchain solutions that solve real-world problems,” said Sebastian Boender, managing director of Sphereon.
About LTO Network
LTO Network is Europe’s most advanced blockchain project. It is fully decentralized and highly efficient. Currently, it is used worldwide by businesses, governments and institutions such as the United Nations, the Dutch government and more.
The network has several technologies that can be used to provide solutions for decentralized data security, digital identities, privacy and the ownership of digital assets and digital collectibles.
About Les Ambassadeurs
Les Ambassadeurs is a members-only gambling club housed in one of the finest Georgian properties in Mayfair. It offers members and their guests a service of impeccable quality. The club continues to welcome players from worldwide who are seeking the ultimate gaming experience, with luxury facilities available 24 hours a day, including exquisite private rooms and world-class fine dining.
About LTO Network
The LTO Network team is on a mission to create and maintain a fully decentralized and highly efficient blockchain infrastructure, directly applicable and aimed at creating value for organizations.
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Media contacts:
- LTO Network, press and media relations — press@ltonetwork.com
Les Ambassadeurs Club, press and media relations — pr@ambassadeurs.com