What is the Future of CasinoCoin?

CasinoCoin has a lot of promise, but can it find its footing?

• The token promises convenient withdrawals and deposits within the gambling space

• It has, however, struggled to make an impact in the market

• More casino partnerships and publicity could help the XRP-based token

Founded several years ago, CasinoCoin is an XRP-based token designed specifically for the gambling industry and is based in the Isle of Man. As per its website, the idea behind the cryptocurrency is to allow those who gamble to complete deposits and withdrawals safely, with low fees and a high level of control. 

The token has been around for just under a decade, has seen management shifts and has partnered with a casino developed by its own management. But as crypto betting is more popular than ever, does CasinoCoin have a future?

Struggling to Establish Itself in the Market 

As we've said, CasinoCoin has been in the industry for almost a decade. In that decade, betting with cryptocurrency has only become bigger and bigger. A look at a crypto gambling guide here will show that many sites, both traditional and crypto-focused ones, have attracted massive customer bases by leveraging cryptocurrency. 

This should have been the perfect time for CasinoCoin to establish itself, but it doesn’t seem to have done so. Why is that? First, we need to consider the benefits that it promises users. Its biggest selling point is that it allows for convenient withdrawals and deposits with low fees and high security, plus the ability to file disputes. For casino operators, CasinoCoin offers a streamlined registration process thanks to its XUMM wallet. All these are great ideas but unfortunately, these are features that either already exist or aren’t too appealing to those in the gambling sector. 

In terms of low transaction fees, tokens like XRP (which CasinoCoin is ironically based on) already fulfil this need and are better known. And when it comes to registration, many crypto casinos offer very low KYC requirements, so registration is already greatly simplified. Then there is the matter of trust and familiarity. While CasinoCoin has existed for years, many crypto users (even those who gamble with crypto) have not heard of it. From all indications, it has been adopted by only a few casinos and while its site boasts 35,000 CasinoCoin TrustLine users, this has not translated into major relevance within the industry. 

This has also not translated into financial success for the token. As per CoinMarketCap, its all-time high was $0.5445 per token back in December 2017, after which it flatlined and has been in the red since then. 

Can it Recover?

It is clear that CasinoCoin has not made quite the impact in the industry its creators might have hoped for. But it might be possible for it to course-correct. This, however, would require the token to push heavily for more adoption by big crypto casinos and better promotion to become more well-known among both crypto and gambling lovers.

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