Resorts World Las Vegas has announced a partnership with Gemini, the crypto exchange directed by the Winklevoss twins, to allow its visitors to easily exchange Fiat and Crypto to enjoy the services at the Las Vegas Casino and Resort.
The partnership will also allow both companies to explore future opportunities aiming to transform the resort into one of the most crypto-friendly resorts in the famous and lucrative Las Vegas Strip, providing Gemini users with added security and convenience.
While all the details on how Gemini features will be integrated into the resort experience, the announcement states that further details will be published once they are finalized in the upcoming weeks.
Scott Sibella, President of Resorts World Las Vegas, referred to the partnership by saying:
“As the first ground-up resort development on the Strip in more than a decade, Resorts World Las Vegas is committed to integrating innovative technology conveniences across the resort to enhance the overall guest journey. By partnering with Gemini, a leader in cryptocurrency exchange, we are taking another step toward providing progressive guest experience solutions for today’s Las Vegas traveler.”
Tyler Winklevoss, CEO of Gemini. Shared his belief that opening the door for casino visitors to use their crypto holdings or convert them into Fiat currency in a seamless manner is an essential step to provide “a 21st century experience” and to meet the needs of the next generation of customers.
Bringing the Betting Experience to the 21st Century
With online casinos and betting services being one of the main applications of blockchain technology and cryptocurrencies in the growing blockchain gaming industry, the transition to a real-life casino seems natural.
According to CoinMarketCap, the total capitalization of top gambling tokens at redaction time is worth over $1.2 billion, showing a trading volume of about $99 million in the last 24 hours.
While there are many online gaming options, especially for people who are crypto-native, many people want to have the option to use fiat currency, or gamble in person, in a physical space.
New Markets for Gaming
The growing success of the online gambling industry was boosted by the restrictions put in place as a result of the Covid19 pandemic back in 2020, which forced physical casinos to shut their doors as regulators enforce new rules and customers around the world decided to comply with social distancing restrictions.
While the market capitalization of blockchain gambling is a small part of the $450 that the gambling industry represents on a global scale, this percentage has continued to grow as crypto integration becomes widespread due to the benefits it provides in terms of security and currency conversion.
According to some reports, the crypto gambling industry surpassed the traditional gambling industry’s profits by over 6% during the 2020-2021 period. Now that big casinos are moving toward adopting crypto as a valid payment method, this advantage could continue to grow as more casinos could follow.
Gemini Is Not Afraid to Bet on the Underdogs
The Gemini Crypto exchange has been known for exploring new use cases by partnering with innovative industries to provide new features to its customers, partnering with companies like Brave and Nifty Gatewayway before its competition.
While no longer considered an underdog by many, Dogecoin is the latest addition to the Gemini crypto exchange, which started supporting the cryptocurrency back on May 4th.
While originally created as a joke, Dogecoin has become one of the most popular cryptocurrencies as the internet community and personalities like Elon Musk have continuously pushed the cryptocurrency.
Over the past year, DOGE has experienced a growth of 22445.8%, becoming the 4th largest cryptocurrency by market capitalization at this time, surpassing Tether and Cardano.