Unikrn Gets Regulatory Approval From The Isle Of Man For Crypto Betting

Unikrn wants to fuse cryptocurrency and real money in esports betting. In a blog post, Rahul Sood, CEO of Unikrn announced that they had received an Isle of Man license. Interestingly, with the license, Unikrn gets regulatory approval for both cryptocurrency and fiat currency.

Founded as Voodoo before acquisition by hp, Unikrn will become the first licensed esports betting platform. Even more interesting is the fact that users can wager in both digital currency and legal tender. The license will facilitate Unikrn’s services across three continents, the blog post further reveals.

As per Sood, the license gives them latitude to launch great products that “wildly surpasses anything yet existing in esports.” The company begins rollout of the products immediately.

Specifically, the firm is launching two products that will involve spectator betting and skill betting. Under Live Spectator Betting, wagering will operate under the regulation of both UnikoinGold and real money. Also, the platform will offer skill betting where players can bet on themselves. However, this offering will exclusively use UnikoinGold. Also, the offering is only available in Legends, Dota 2 and Fortnit.

The betting platform uses infrastructure provided by Bittrex, a cryptocurrency exchange platform. With the infrastructure, users will take part in the different forms of betting conveniently. Particularly, the skill betting platform will use UnikoinGold (UKG), a coin native to the Unikrn platform.

Andrew Vouris, Unikrn’s COO said that the project is a culmination of long months of planning. He says:

 “This is long in the making. You can bet in fiat, crypto, or both, to bet on live markets or pre match for twenty titles and dozens of games a day on titles such as League of Legends, Dota and Fortnite.”

Speaking to VentureBeat, Rahul Sood said the company passed a major audit by the regulators in the Isle of Man. Particularly; the regulators were quite specific on whether the know-your-customer (KYC) practices by the firm were up to standard guidelines.

Further, the regulators probed Unikrn’s anti-money laundering (AML) safeguards. This is in regard to the fact that cryptocurrencies could provide a conduit for dirty money. Regarding security of digital assets, the regulators probed the firm’s digital wallet practices to establish their resilience to hacks.

With the license, Unikrn is finally a legitimate and regulated operator in the esports betting space.