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Betting with bitcoin: Gambling giant granted crypto payment patent

bitcoin coin closeup

International Game Technology (IGT) has patented a technology that uses cryptocurrencies as a form of payment in casinos. The USPTO granted IGT a patent last January 5 for a system that allows cryptocurrency funds to be transferred to a “gaming establishment account” from a player’s external crypto account. This allows users to transfer cryptocurrencies like Bitcoin from their private wallets to virtual wallets linked to casino accounts with the use of their phones. 

Bitcoin Patent Holder’s Move Stresses Industry’s Potential IP Risks

bitcoin and gavel

BOTS Inc., a Puerto Rico-based blockchain and robotics firm, stated in November 2020 that it is in discussions with “a major law firm” to enforce their newly-acquired Bitcoin ATM patent against Bitcoin ATM operators in order to collect royalty payments. The company expects revenues of $14 million to $18 million annually in connection to patent enforcement.

Ripple, Plaid highlight fintechs’ legal struggles with IP protection

XRp emblem coin

The global financial technology market is set to reach a value of $305 billion by 2025, according to a report. As the industry continues to grow, now at an expedited rate partly due to the pandemic, we’re also witnessing a surge in the number of companies grappling with intellectual property rights across an interconnected network of financial institutions.

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