Cryptocurrency
Poker Star Mike McDonald Goes All in at Bybit-Powered WSOT
Poker players who cross over to cryptocurrency trading are seeing astounding success out of the gate — for example, a trading team comprised of poker players and captained by poker star Mike McDonald placed in the top three in the recently concluded World Series of Trading (WSOT). A total overlay prize pool of $1.27 million in cryptocurrency was paid out to the winners of the inaugural edition of the global crypto trading competition powered by Bybit, in which 135 teams and 12,368 participants joined from around the world.
Poker star McDonald commented, “A lot of poker players are good at making financial decisions while limiting the role that emotion plays — that would be one of the skills that transfers particularly well to trading. There will be times when crypto prices will hit the roof or post massive dips. Do you follow the herd or stick to your own strategy? Just like in poker, the choice is yours. Jump tables or stick to yours and play the game skillfully.”
Poker is a game that tends to reward strategic thinking, mental endurance and emotional resilience — traits that happen to work equally well for crypto trading. Practiced with discipline, these traits can very well generate desirable results in both fields. Here are some of the common traits of winning poker players and profitable crypto traders:
- Make +EV Decisions: Trading strategy deals with risk/reward ratio, similar to how poker players make expected value calculations for each hand when they consider whether to bet, check, call, raise or fold.
- Don’t Go on Tilt: The calm and imperturbable demeanor synonymous with poker players tends to help them during volatility, when they are able to think and trade without giving in to impulses.
- Hand Selection: In poker, just like in crypto trading, you can’t play your cards randomly. You have to understand the situation, process the chances of winning, and decide whether you want to fold or play further. Read the charts like you would interpret the body language of your opponent, and plan your next steps based on what is favorable to you.
- Bankroll Management: Even the best poker player or crypto trader can go through a lean spell. Knowing how to manage the money in your account is essential, to ensure that you always have funds available to trade effectively.
Bybit CEO Ben Zhou noted, “If you’re a beginner in crypto trading, the gurus will advise you to research thoroughly about the types of crypto assets, not putting all your eggs in one basket, and trading per your risk appetite and bankroll management needs. It’s similar to how a beginner in poker would typically study the game: up skill, start with low-level stakes and take calculated risks while devising strategies that suit them best. Similarly, we have been putting a lot of our energy into educational content where we show our clients how to properly manage risks and perform technical analysis.”
The WSOT is a major global trading competition powered by Bybit, one of the fastest growing cryptocurrency derivatives exchanges, with more than a million registered users. The global event is open to traders worldwide where Bybit’s platform is available. The ranking system of WSOT is based on the profit/loss ratio, regardless of trading volume, thus paving a level playing field for all participants. The next edition of WSOT is expected in 2021.
About Mike McDonald:
Mike McDonald (born Sep 11, 1989) is a star poker player. McDonald is the youngest person to win an event on the European Poker Tour (EPT) and the youngest person to win an event on the Epic Poker League (EPL).
Mike is now involved with Betshares/PokerShares, facilitating novelty bets on many niche products including WSOT. He has been involved in Bitcoin since 2014.
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SCCG Management, a leading advisory firm in the global gaming industry, has announced a sponsorship partnership with Hoppa! Card, a pioneer in crypto payments and banking solutions. This collaboration is set to revolutionize the payment landscape for the gambling industry with a strong focus on crypto technology, leveraging SCCG’s extensive ecosystem of over 120+ client partners and its global presence across all major regions.
Through this partnership, SCCG Management will support Hoppa! Card in delivering their innovative crypto payment and banking solutions to a wider audience within the gaming industry. The synergy between SCCG’s expansive network of client partners and Hoppa! Card’s cutting-edge financial technology aims to enhance the efficiency and security of managing complex payment needs in the gambling sector.
Hoppa! Card’s flagship products, including the Exclusive Global Soft KYC High Limit Crypto Offramp VISA Card and the Unique Payment Gateway, are designed to meet the most challenging payment requirements. The VISA Card offers high limits and the highest possible privacy standards with anonymous cards, ensuring global accessibility with both virtual and physical card options. The Payment Gateway provides seamless processing for various crypto and fiat transactions, eliminating chargebacks and non-acceptance of cards, while catering to all gaming licenses and jurisdictions.
Stephen Crystal, Founder and CEO of SCCG Management, said: “Partnering with Hoppa Card allows us to provide our clients, as well as our global network of operators and platform providers, with crypto-focused payment solutions that are crucial in today’s fast-evolving gaming industry. Their innovative products align perfectly with our mission to drive strategic growth and maximize revenue for our partners.”
Igor Lavrih, CEO of Hoppa Card, said: “We are excited to kick off the partnership with SCCG, merging our payments expertise with their deep market insights to explore new opportunities and drive innovation. We look forward to the synergies our partnership with SCCG will bring forward, delivering unique payment solutions in the gaming industry to an array of growing and established businesses.”
Compliance Updates
Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety
Fintech crypto company Payhound has selected Chainalysis, the blockchain data platform, to safeguard operations from exposure to malicious activity and uphold strict compliance standards.
With a strong commitment to combating illicit activities and a regulatory obligation to safeguard its customers, Payhound has chosen Chainalysis as part of its compliance and risk management strategy. This collaboration underscores Payhound’s dedication to maintaining top-tier regulatory compliance and security standards within the industry.
Chainalysis is leading the way in establishing a safe global economy built on blockchains through its blockchain data platform, which assists businesses and governments in making informed decisions and protecting their customers. By implementing Chainalysis solutions, companies gain access to a suite of investigation, compliance and risk management tools.
Michele Santulin, Regional Director Mediterranean Area at Chainalysis, said: “In today’s crypto market, where trust is key to success, companies like Payhound need to take advantage of blockchain’s built-in transparency and use advanced blockchain analysis solutions to maintain strict adherence to regulations, protect their brands, and last but not least, offer reliable services to their customers. We are thrilled to support Payhound in that mission.”
Elton Dimech, Managing Director at Payhound, said: “Chainalysis is an invaluable resource for companies such as Payhound. Their forensic data and analytical approach, allowing for continuous crypto transaction monitoring, has proven indispensable in an effort to adhere to our own AML and Compliance obligations.”
The post Payhound Selects Chainalysis’ Crypto Compliance Solution for Regulatory and Operational Safety appeared first on European Gaming Industry News.
Vibra Gaming will distribute its content portfolio through white label. cryptocurrency provider GamSnap, who will supply several of its global operator partners with an initial launch on the CryptoZpin brand: www.cryptozpin.com
Vibra’s proven gaming content will be extended by GamSnap to Cryptožpin, as well as future cryptocurrency brands in multiple global markets, including Latin America, Europe and Asia
Vibra Gaming, a fast-growing Latin American company, is recognized for its creative and innovative content with a wide range of highly engaging slots such as Carnaval Alegría and branded slots such as Popeye; Quick Games including Crash, Double and Dice; a series of successful table games including roulette and blackjack, and unique bingo content including classic old-school bingos as well as new original titles including Egyptian Riches Gold and Underwater
Henrik Granlund, Product Owner, GamSnap, said: “GamSnap, the new Crypto Casino white label provider, is pleased to partner with Vibra and offer their exciting games not only to the Latin American market but also to the European and Asian markets. We are excited to see how the games perform with our clients, CryptoZpin.com, and our future brands. We look forward to working side- by-side with the Vibra team and watching our partnership grow.”
Ramiro Atucha, CEO, Vibra Gaming, said: “Our gomes have enormous reach with local and international operators both across the LatAm region and globally. Our new portnership with GamSnap will give us even an even broader horizon, working with a new range of up and coming crypto brands that we’re all very excited to be part of.”
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