ForumPay Partners With ZBX To Enable Crypto Wallets For iGaming Sites

ForumPay has partnered with ZBX, the Maltese crypto exchange, to provide an ever-growing number of crypto users worldwide with access to deposits on local iGaming sites, the company announced in a Monday (Aug. 16) press release.

The company said the joint effort with ZBX — a Class 4 Virtual Financial Assets Service Provider with the Malta Financial Services Authority — is the first fully compliant crypto payments option for the Authority’s licensed gaming operators and their users. Depositing funds is simpler than using a credit card, the company said. Users scan a QR code shown online, and crypto earmarked for betting is automatically transferred into the gamer’s account.

ForumPay is not the only company looking to capitalize on the digital sports gaming market. As PYMNTS reported last week, DraftKings Inc. announced it planned to acquire Golden Nugget Online Gaming as a means to take advantage of the company’s iGaming services and database of more than 5 million customers.

Read more: Digital Sports Betting Co DraftKings To Buy Golden Nugget Online Gaming In Deal Worth $1.56B

ForumPay has said it expects its collaboration with ZBX to be of immediate benefit to the more than 250 million crypto users around the globe. In January alone, there were upward of 5.6 million crypto wallets downloaded, further underlining the importance of making crypto payments available for online betting.

According to a May PYMNTS survey of 8,000 U.S. consumers, former crypto users and non-users alike said they were eager to use the payment method for future purchases and wished more merchants accepted it. In addition, 18 percent of adults — or 46 million consumers — are likely to use cryptocurrency to make a purchase, the survey found. Those who have used cryptocurrency used it to purchase everything from real estate and jewelry to groceries and food from delivery services.

See more: PYMNTS BitPay Study: How Consumers Want To Use Crypto To Shop And Pay in 2021 And After