The recently relaunched CasinoCoin (CSC) has formally announced the establishment of the Double C Foundation, which has been set up to support the development of the cryptocurrency as it attempts to become the main currency in the regulated online casino and gaming industry. CSC’s newly announced advisory board comprises of industry experts from across the online casino and gaming industry. John Caldwell, the former manager of the elite PokerStars professional team, joins Gamesys CEO Lee Fenton, CEO of OPL Gaming Group Sam Hobcraft and the CPO of Kindred Group Britt Boeskov as recent members of the board.

CSC is an open-source cryptocurrency that was first split from the more established Litecoin. Designed in July 2013, specifically for the online casino gaming market. It has also incorporated some features from Bitcoin, Digitalcoin, and Feathercoin in its development. Initially launched as a response to the challenging relationship between centralized, fiat-based financial institutions and online casino platforms, which made it difficult for players to deposit funds without occurring fees and delays, CSC is a safe, decentralized cryptocurrency. With a market cap of 336 million coins, CSC was relaunched in autumn 2017.

The Double C Foundation will be closely assisted by the advisory board as it attempts to promote the industry-wide adoption of CSC into the regulated online gaming markets. The industry leaders will also inform the foundation about best-use practices. Other confirmed members of the board from the Casino, Technology and Financial industries include another former PokerStars’ executive Morten Tonnesen, who held the position of Director of Group Marketing for the brand; David Sargeant, who founded the iGaming Ideas agency and brings a wealth of knowledge and hands-on experience about innovation and development; James Scicluna, who is co-managing Partner for WH Partners; Jeffrey Haas, who is an iGaming Executive; and Luke Webster, who is a former senior regulator for the London Stock Exchange.

The director of advocacy for the foundation, John Caldwell, has said of the board that being able “to announce an advisory board that includes some of the most highly-regarded professionals….really highlights the growing excitement, support, and confidence in CasinoCoin.”

One of the key aims of the CSC is to lead the setting of best-practice standards throughout the industry. It is currently in the process of developing new technologies and a range of features to include built-in enhanced know your customer (KYC), anti-money laundering (AML) and responsible gaming functions (which have been built into the coin since its initial inception). CSC could have an important role to play in the future of online casino gaming and the potential to deliver a secure and highly-regulated currency that is still consumer-friendly and easy for the gaming platforms to integrate.

Many Bitcoin-only casinos have sprung up online in recent years, and although some established casino platforms have begun offering this leading cryptocurrency as a payment/withdrawal method, it lacks the innovation needed to set industry-wide practices. Blockchain technology is a natural fit for the online casino market, eliminating the middleman and significantly speeding up the deposit and withdrawal processes. An industry-wide adoption is also becoming much more likely after the recent announcement that the Maltese government will formally accept the use of cryptocurrencies in online casino platforms operating within its borders. You can stay up to date with the progress of CasinoCoin on the official currency website and, of course, we’ll bring you the latest news when we have it.

Image: Flickr

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