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The Fifa World Cup in Brazil is kicking off in just a couple of days, and launching just in time is a new venture from South African entrepreneur Daniel Schwartzkopff: BetVIP — the world’s first licensed bitcoin-only betting site.
BetVIP’s aim is not just a timely launch, but a desire to add legitimacy to the young crypto-currency. Supporting more sports than just football, the site accepts wagers, and pays out winners, exclusively in bitcoin — only accepting bets made in regulated markets.
Schwartzkopff stresses that BetVIP is not a PR stunt during the Fifa World Cup but rather a long-term bitcoin venture.
“Our gaming license and strict bet acceptance policy demonstrates our commitment to the longevity of the currency. There is a massive opportunity to provide both a secure and reliable platform for bitcoin holders and take on the traditional online sportsbooks,” Schwartzhopff said.
BetVIP hopes to leverage the fast transactions and low costs of bitcoin exchange the currency has to offer. Furthermore, the company wants to help “normalise the currency and bring it into everyday use,” Schwartzkopff added.
“We might trade in an anonymous currency but we are providing complete transparency and accountability in order to build trust with our players,” he added.
Schwartzkopff is no stranger to the tech scene, having previously worked as VP of Payments at MXit as well as founding FSMS, a VC backed telecoms startup.
The site accepts both pre-match and in-play wagers from a minimum of 0.01 bitcoin in odds betting for sports ranging from soccer to baseball all the way to floorball. The company has offices in Malta and South Africa, with a gaming license in Curacao. BetVIP plans to launch a casino product later this year.
Check out BetVIP’s infographic on bitcoin below: