mBit Casino drops FIAT payments

Updated May 22, 2020 | Published May 22, 2020
[2 mins read]
mBit Casino has dropped FIAT transactions to focus entirely on crypto and boost anonymity and user experience, the company announced in a press statement. Its move signals confidence in the sector and a growing interest in crypto as a more permanent solution for igaming.

mBit Casino’s approach intrigues with it reflecting the opinion of some market leaders who believe that, while onboarding should be made easy for consumers, using one’s established brand name to push for the broader adoption of cryptocurrencies in gaming is the right step forward.

mBit started in 2014 and, understandably, they turned to FIAT currencies to help with conversion, while also supporting their not-as-tech-savvy consumer base at the time. Due to this, mBit Casino’s reputation has strengthened and it has become a brand many recognise today.

The company said that come May 27, no more transactions will be allowed in FIAT, and, as to any remaining currency, players can cash out until June 27. Moving past those deadlines, support for FIAT currencies will be cut off.

A main reason for the move, though, as per mBit statement’s is the company’s commitment to keeping users’ anonymity. Here’s what mBit said:

“We are strong advocates of anonymity, lightning-fast deposits and cashouts, and we have great confidence in a crypto-driven future. As such, we will be dropping support for FIAT currencies in the upcoming period in order to concentrate all our efforts into providing the ultimate crypto experience.”

While some have seen adding currencies such as bitcoin as an easy route to market, mBitcasino is taking operations to the next level, targeting a specific audience. To achieve further success, mBit will need to continue posting sustained acquisition figures.

Shutting down FIAT may look like closing one additional revenue stream, but it’s far more likely that over the past six years mBit have been able to properly target their audience and monetize them.

Written by Samwise
It is said that CGN’s live-in editor Sam was once a fan of the Lord of the Rings saga, but with the growing popularity of the ‘Samwise’ nickname with virtually no resemblance to the character (OK, maybe the feet), his support for their cause has started to wane. Keeping things ticking over at CGN HQ, you’ll find our resident hobbit making home brew and raving about Taco Bell.
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mBit Casino drops FIAT payments
Updated May 22, 2020 | Published May 22, 2020

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