GanaEight Coin (G8C) is brand-new stablecoin for igaming from the Ganapati Group, well-known in the sector for its Japan-themed online slots. CryptoGamblingNews.com spoke with CEO Hayato Terai about the project.
Please could you give us a brief background of GanaEight Coin and how it came about?
Hayato Terai: GanaEight Coin Ltd is part of the Ganapati Group, which is known in the iGaming industry for being a supplier of high-quality, immersive online casino games with Japanese themes, designs and logic running through them. GanaEight Coin (G8C) is our Maltese subsidiary which produces the G8C blockchain-based online casino platform and token.
G8C is led by myself, a Japanese lawyer. Compliance with local regulations is of the highest importance to us as a company which is why we’ve taken such measures to become a completely legitimate and reputable company. We’ve also been lucky enough to receive full support from the Prime Minister of Malta, Joseph Muscat, and have some wonderful, experienced advisors on board who are highly respected by the blockchain community.
The G8C initiative came from the realization that there is a glaring gap in the market which we believed we could fill. We noticed that there was an overwhelming lack of trust in the iGaming industry which we realized blockchain could be the answer to. While we may not be the only ones to have reached this conclusion, G8C aims to address the issue in an entirely original way.
G8C is being billed as an "anti-ICO". What does this mean and what is the thinking behind it?
Hayato Terai: G8C is an “anti-ICO” in the sense that we don’t agree with the way in which a lot of ICOs have operated in the past. ICOs have gained a bad reputation for a number of reasons, so we wanted to make it clear that we shouldn’t be lumped together with them. One of the main things we want to show the world is that we are legitimate and here to fix a problem that currently exists within the iGaming industry.
There are so many failed and scam ICOs out there and we are trying to do everything in our power to get rid of this negative stigma. With this in mind, G8C is a stablecoin, which means its value won’t fluctuate – G8C’s value is to be pegged to online casino players’ bets, which in itself has never been done before – it’s a genuine market first for the industry. As well as this it will be a utility token – something which players will genuinely want and need.
There are so many failed and scam ICOs out there and we are trying to do everything in our power to get rid of this negative stigma
Could you outline the features and aims of the G8C platform?
Hayato Terai: The G8C platform will be a blockchain-powered online casino platform on which players can bet and play games with the G8C token. With the direct betting function, this can happen instantly, without any need for exchanging tokens into chips, and with no transaction fees.
In terms of the platform itself, the idea is that with blockchain technology integrated into a casino system, players of online games can view transactions in real-time, such as how many players are winning or losing and the amount of which they are doing so. This kind of transparency is crucial in order for players to gain trust in the casino, and just as beneficial to operators, who in turn gain and retain players as a result. The G8C platform will have several more original features, which combined, make it sure to revolutionize the iGaming industry.
Obviously Ganapati is already an established name in iGaming. How does this help the growth of G8C?
Hayato Terai: It helps because it means we already have a large network of contracted operators, aggregators and platforms that we work closely with. Also because Ganapati PLC has been well-established within the iGaming industry it means we have a huge number of casino players within our reach. We know the industry and we know our audience which helps us tailor G8C to give the best offerings and solutions in the market.
What has been the response so far?
Hayato Terai: The response we’ve had so far has been great. We’ve recently completed a world tour which involved taking the G8C message and mission worldwide to various gaming and blockchain events in Europe and Asia. What we’ve had to say and show across all these events has gone down very well with industry professionals. We recently won an AI & Blockchain award at the Malta AI & BC Summit and have been included in highlights round-ups following both this event and the Blockchain Expo Global event that we attended in London last month.
How do you see the outlook for blockchain technology within the gaming industry?
Hayato Terai: If the gaming industry wants to be a forward thinking, innovative one then it needs blockchain technology. This industry is crying out for transparency and security and blockchain can be the solution to both these things. I see blockchain as becoming an integral part of future gaming operations and once up and running the adoption will soon become widespread.