Unikrn, an esports company that raised over $15 million in its ICO pre-sale last year, has been granted an Isle of Man license with regulatory approval for both crypto and real money betting that will span across 3 continents, the company announced in a Medium post on October 23, 2018.
Unikrn’s Biggest Launch Since 2014
eSports betting operator Unikrn has received a license for both cryptocurrency and real-money online gambling from the Isle of Man, which along with Malta is known for its rigorous standards on gambling regulations.
Sood said that the license has made Unikrn the first and only blockchain-based live wagering backend with regulated fiat and crypto betting.
We built a payment system that lets customers outside the USA buy UKG straight from @BittrexExchange using multiple forms of payment. This is solution is Powered by Bittrex, and you'll see more of this in the future. https://t.co/qvrStBEBcL
— Rahul Sood 🦄 (@rahulsood) October 23, 2018
Unikrn Limited is now listed as a license holder on the Isle of Man Gambling Supervision Commission website, adding to Unikrn’s real-money online gambling license issued by the Malta Gaming Authority. Unikrn’s Australian license was revoked in December 2017, following the closure of Tabcorp’s Luxbet brand, on whose permit the company originally relied on.
Apart from introducing live spectator betting and skill betting, where users can bet on themselves in League of Legends, Dota 2 and Fortnite, Unikrn has also become the first blockchain-based betting service that processes real-time crypto bets. The wagering backend, named Unikrn Jet, is the first of its kind and can power over 9000 bets per second with cutting-edge blockchain-powered security.
Increased Security, Government Approvals, Lightning Fast Payment Options
Bittrex CEO Bill Shihara also commented on the development, saying that:
The company believes in blockchain’s potential, and this use case by @UnikrnCo presents another opportunity to further expand adoption of this innovative technology by combining blockchain with the rapidly growing gaming market.
According to Rahul Sood, the gambling license has been four years in the making, and the company has undergone a major audit with the Isle of Man authorities. Sood told VentureBeat that Unikrn had passed “a major audit” by the IOM regulators to ensure its know your customer (KYC), anti-money laundering (AML) and digital wallet practices were up to scratch.
Unikrn’s betting platform will also feature technology from Bittrex, a U.S.-based blockchain platform providing real-time trading and industry-leading security. The companies have built a payment system that lets customers outside the USA buy UKG straight from Bittrex Exchange by using multiple forms of payments.
Cover Photo by Michael Rogers on Unsplash