The global online market has seen impressive financial growth, with a valuation of approximately $88 billion in 2025, and it's expected to more than double by the early 2030s, as indicated by Grand View Research. Yet, according to RYKI, a Virtual Asset Service Provider (VASP), the payment infrastructure within this industry is struggling to keep pace with its expansion.
Digital asset payments are gaining traction, with industry analysts estimating that crypto-funded bets now represent nearly 17% of all iGaming wagers worldwide. More than 30% of online operators have started to offer some form of cryptocurrency payment. However, much of this activity still relies on outdated payment systems that rely on correspondent banking and slow wire transfers, leading to delays in settlement and additional costs.
The challenges facing gaming companies are evident. Slow cross-border settlement is a major concern; payments processed through SWIFT and correspondent banks may require three to seven days to clear, with foreign exchange costs piling on 50 to 100 basis points per transaction. Many operators experience double conversion issues, where payments settle in euros instead of dollars, necessitating an additional conversion that incurs further costs.
Compliance-related difficulties exacerbate these challenges. Many banking and payment partnerships trigger holds and freezes when crypto transactions occur, hampering operations and tying up vital working capital. Additionally, the absence of on-ramps for crypto-native customers is problematic, as many potential high-value players lack a reliable way to convert stablecoins into gaming credits or to pay event fees.
Manual reconciliation across various events, currencies, and counterparties adds to operational inefficiency, draining the finance team’s resources. RYKI, which was founded in 2020 and is based in the British Virgin Islands, has witnessed these issues firsthand and has created a specialized service line catering to the global gaming sector.
According to CEO Lennon Sweeting, "Gaming has become a financial business as much as an entertainment one. The largest operators move high volumes, hold customer funds and carry foreign-exchange risk at institutional scale, but they are doing it on payment infrastructure that was never designed for how their customers actually behave."
RYKI offers a unified platform that allows casinos, online gaming operators, iGaming platforms, and event organizers to accept stablecoin and crypto payments, achieving same-day fiat settlements and managing treasury operations across various currencies and jurisdictions. This innovation aims to streamline operations by integrating several capabilities into one service.
The first capability includes stablecoin payment rails and direct fiat settlements, simplifying fragmented multi-step processes into one streamlined execution pathway. This system eliminates the need for euro intermediaries and double-spread costs, allowing for same-day settlements that avoid lingering SWIFT timelines.
RYKI also ensures that clients’ digital assets are held in compliant, audited custody, alleviating the burden of developing internal crypto-handling systems and addressing regulatory uncertainties. Additionally, RYKI provides comprehensive treasury management that enables operators to handle transactions in over 150 currencies, offering real-time visibility to better manage high-volume flows and foreign exchange risks.
The compliance aspect is another crucial feature, with RYKI offering gaming-aware compliance and personalized onboarding. Their specialized compliance expertise aims to facilitate seamless reviews rather than facing unexpected transaction holds, supported by dedicated assistance throughout the process.
Regulated by the British Virgin Islands Financial Services Commission, RYKI offers gaming companies a pathway to access compliant crypto payment services and treasury functions through an officially licensed provider. This arrangement allows gaming firms to maintain their respective gaming licenses while benefiting from RYKI's compliant digital asset infrastructure.
The effectiveness of RYKI’s services is already evident in their work with notable gaming operators. For instance, they assisted one major online gaming firm by removing the structural issues associated with euro-to-dollar conversions, resulting in quicker same-day settlements and reduced compliance friction, which in turn freed up resources for financial teams.
RYKI has also developed a model for premium casinos, enabling VIP players to use digital assets as gaming credits without having to liquidate them first. On-chain verification occurs in approximately 60 seconds, significantly quicker than the traditional banking timelines that can stretch to several days.
RYKI highlights a vast untapped opportunity with over $50 billion in crypto holdings among high-net-worth players remaining unutilized by luxury gaming venues. Furthermore, RYKI's solutions extend to the events sector, allowing gaming conferences to accept stablecoin payments, substantially cutting down on processing time that typically involved lengthy wire transfers.
Sweeting summarizes, "Our customers already hold digital assets. What they have lacked is a regulated counterparty that can settle quickly, custody securely, and clear compliance without surprises. Operators are not improvising a crypto strategy through channels that were never built for it; they are working with a registered, supervised firm. That is the gap we built this service to close, measurably, and at scale."
The timing of RYKI’s dedicated service launch aligns with shifting market demands, technological advancements, and evolving regulations. With stablecoins gaining traction as a standard payment method, and new regulatory frameworks like the GENIUS Act in the U.S. and MiCA in the E.U. enhancing clarity, gaming operators are increasingly focusing on effective digital asset acceptance strategies. RYKI posits that partnering with a registered VASP rather than with an unregulated entity is becoming the norm, and operators that lack this infrastructure risk losing valuable, crypto-savvy customers to more adaptable competitors.
