Betting exchange Exbet has announced it will discontinue supporting Bitcoin (BTC) betting from December 19.
Any BTC deposits and bets exceeding the cut-off date will no longer be possible. However, Exbet users' BTC balances will remain available for withdrawal until around June 30 2023.
Despite BTC acting as the leading cryptocurrency in the industry, Exbet is making the change “in response to customer feedback”, stating the coins' “price volatility against fiat is a disadvantage for value-conscious bettors”.
Because Exbet believes that the fiat-collateralized stablecoin USDT is the best option for its customers, the company will be put into maintenance mode for 24 hours on December 19 while USDT deposits are enabled, and all markets are switched to USDT betting.
With USDT offering its users the advantage of transacting with blockchain-based assets while mitigating price risk, Exbet stated it is a “safe, secure and proven stablecoin solution”.
Firstly, Exbet will support withdrawals and deposits of USDT as an ERC-20 token. Thereafter, the company aims to support several crypto and fiat options moving into 2023.
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