We featured in Tuesday 2nd October’s edition of CityAM
Read the article below
Varius World Tech, disrupting the betting and gaming market with innovation and Blockchain technology.
The betting and gaming marketplace is growing rapidly with more players joining on-line or using land-based casinos as a place of enjoyment and entertainment. Despite this growth there is a lack of trust from players who cannot be certain that the house edge (the profit a casino or gambling company makes from games played) is fair and does not change during game time. Moreover, players in on-line casinos often complain that it is hard to withdraw winnings or account balances in a timely manner, mainly because operators insist on complex know-your-customer (KYC) and anti-money laundering (AML) checks. Whilst this is understandable, the current process can be detrimental to the player’s gaming experience.
Meanwhile Blockchain brings the promise of immutable transactions performed and validated over distributed ledgers. This brings transparency to transactions and engenders trust in an organisation’s products.
Varius World Tech (VWT) is a UK based software and technology company. Harnessing the strength of the blockchain, we are developing a series of applications for the betting and gaming marketplace, starting with casinos. Gavin Berry (CEO) was inspired to create VWT, as he states, ‘I am passionate about implementing decentralised technology to prevent corruption, biased outcomes and the use of third parties in the gaming industry.’ Bringing fairness, respect and transparency to the sector, we expect our suite of software products to include a new secure e-money wallet, an innovative on-chain casino offering unique game play and jackpot prizes, and a new protocol layer of software bringing functionality focused on the betting and gaming industry.
We will offer qualified investors the chance to subscribe to a dual-purpose security token. Whilst subscribers may wish to hold the token as an investment asset, the intention of the company is to make the token available as a global gaming chip. Users will be able to purchase the VWT token using fiat or other cryptocurrencies.
With patent pending software, the protocol layer will power the token with transaction speeds of up to 50,000 transactions per second and provide additional governance checks. We intend on utilizing AI and analytics to identify problem gamblers or unusual patterns of transactions. Our aim is to have our own casino software be whitelabled to new or existing operators who wish to address the current shortcomings of game play through Blockchain solutions.
Working with on-line and land-based casinos, we aim to have operators accept the wallet and token as a means of purchasing gambling chips. Because KYC/AML checks will have been undertaken, all winnings can be transferred back to the wallet, used in other casinos or ultimately exchanged back to fiat.
We have started the process of obtaining an e-money licence from the Maltese regulators and are adding KYC/AML checks into the wallet registration process. This means that a holder of VWT tokens in the wallet will be fully checked and approved from a KYC/AML standpoint and bringing integrity back to the gambling industry.
You can view a PDF version of the CityAM publication here, our article is on page 20.