Up to 60 percent of payments on the Winning Poker Network (WPN) are now carried out in cryptocurrencies such as Bitcoin according to Michael Harris.
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The Winning Poker Network (WPN) now processes more cryptocurrency payments than any other major network. (Image: America’s Cardroom)
Discussing the network’s commitment to innovation in a recent press release, the WPN Affiliates spokesman said that the majority of its transactions are non-fiat.
“WPN processed its first Bitcoin transaction in 2015 and now accepts over 60 different cryptocurrencies for deposits and withdrawals. Despite accounting for just 2% of business in the first year, cryptos now represent 60% of all transactions across the network,” Harris said in the October 8 press release.
Innovation Leads to Cheaper Transactions
The main reason for the rise in crypto payments is that they’re more cost-effective for operators, according to Harris.
“Compared to traditional banking methods which cost 13% on average to process, cryptocurrencies cost sites just 2%,” Harris continued.
WPN made the headlines recently when it launched a new selection of Six Plus Hold’em games. Mirroring the game popular that’s now popular among high stakes players, the strip-deck Hold’em variant went live on September 10.
Between this and the growing use of cryptocurrencies, WPN is bidding to establish itself as something of a trendsetter within the poker industry.
Innovation Breeds Innovation
Although Bitcoin payments aren’t unique to WPN, the sites that do use some form of cryptocurrency are nowhere near the size of the American and European network.
Given the prominence of WPN and its success using cryptocurrencies, more major poker sites could be inspired to follow suit. Although the hype surrounding Bitcoin et al may have dropped since the 2017, the technology behind digital currencies is still improving.
By showing that it’s possible to run a network on something other than fiat currencies like USD, WPN may be at the forefront of trend in poker. However, for all its recent innovations, the home of America’s Cardroom is still viewed with suspicion by some players.
Following a spate of complaints back in March, WPN CEO Phil Nagy was forced to address accusations that bots were rife on the network. Reviewing the allegations from Joe Ingram, WPN found that certain accounts had breached the site’s terms and conditions.
Refunds were soon issued and traffic on the network was restored to its current seven-day average of 750 cash game players. However, with security a hot topic in the poker industry, further issues are likely to overshadow any future innovations the network comes up with.
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