Blockchain is reshaping the game industry
The gaming industry has always been about innovation. New technology generates new experiences, and these experiences expand the market demographics. This is how one third of the world's population today are gamers.
The integration of blockchain technology into the gaming industry has opened up new possibilities for game developers and players alike. Blockchain games leverage the decentralized and transparent nature of blockchain to offer unique experiences, ownership of in-game assets, and opportunities for earning real-world value.
Attracted by the mensive opportunities of GameFi projects, many traditional developers also begin to seek transformation into this new wave.
New opportunity for game developers
Jacob, the Business VP of a free-to-play role-playing game comopany with a loyal player base. In the traditional version, players progress through levels, complete quests, and acquire in-game assets like weapons, armor, and characters. These assets are solely owned and controlled by the game publisher, limiting players' ability to trade or monetize them.
Like any other technology-based company, Jacob and his team didn't miss the promising blockchain games space, going to develop GameFi projects.
The transformation aims to enhance their game by incorporating blockchain technology, creating a more engaging and immersive experience for players. The biggest difference between traditional games and blockchain games is the involvement of cryptocurrency.
Financial solution for succesful transformation
At the early stages of GameFi projects, one of the main challenges for Jacob and his team is to find a user-friendly on and off-ramp solution to facilitate the seamless transition between traditional fiat currencies and cryptocurrencies. Considering various factors like cost, flexibility, efficiency and security, Jacob finally decided to work with iPeakoin.
As a fintech that providing digital banking service for Web3, iPeakoin has a distinct advantage in dealig with fiat and crypto exchanges. First, iPeakoin can help businesses to open a bank account for traditional cash management. While for digital assets, iPeakoin unlocks a powerful crypto wallet for them to run crypto business.
When Jacob and his team initiates a fiat-to-crypto transaction for operation, iPeakoin facilitates the conversion process. iPeakoin calculates the equivalent cryptocurrency value based on the current exchange rate and executes the transaction at the agreed-upon rate. The purchased cryptocurrencies are then transferred to their designated wallet within the platform.
Addressing on and off-ramp challenges also involves complying with relevant regulations and ensuring CDD procedures. Usually, Web3 companies have to implement robust compliance frameworks to meet regulatory requirements when dealing with fiat transactions.
"Security and compliance have been the primary challenges in blockchain finance. iPeakoin has established Anti-Money Laundering (AML) procedures to comply with regulatory requirements. We leverage their KYC/AML infrastructure to verify identities and prevent illicit activities. This helps us to ensure a secure and compliant on and off-ramp process." Said Jacob.
By partnering with iPeakoin, Jaco and his team leverage their financial infrastructure and regulatory compliance measures, and simplify the on and off-ramp process with a secure and convenient way to convert fiat currencies into cryptocurrencies within the web3 ecosystem.