The global online market is witnessing remarkable growth, with projections indicating a value of approximately $88 billion in 2025 that could more than double by the early 2030s, according to Grand View Research. Yet, RYKI, a Virtual Asset Service Provider (VASP), claims that this rapidly expanding industry has outgrown its existing payment infrastructure.
Digital asset payments are rising in importance within this sector. Industry analysts, as noted by RYKI, estimate that crypto-funded bets now account for nearly 17% of all iGaming wagers globally, and over 30% of online operators already accept some form of cryptocurrency as payment.
The majority of this demand is still served by older payment systems that were not designed for today’s landscape. Transactions across borders depend on correspondent banking and wire transfers, resulting in settlement times that can take several days, along with foreign-exchange spreads and banking cut-off delays.
Gaming businesses face significant issues, starting with slow and expensive cross-border settlements. Payments channeled through SWIFT and correspondent banks can take between three to seven days to process, with currency conversion costs ranging from 50 to 100 basis points per transaction. Double conversions present another complication; operators without a gaming-friendly settlement partner in the Western Hemisphere may see crypto off-ramps settle in euros, necessitating a second conversion into dollars, thereby incurring additional transaction costs.
"The largest operators are on payment infrastructure that was never designed for how their customers actually behave," commented RYKI CEO Lennon Sweeting.
Compliance issues further complicate the situation, as generic banking and payment relationships often lead to holds and freezes when transactions involve crypto, disrupting operations and tying up working capital.
Additionally, the absence of suitable on-ramps for crypto-native customers is prevalent, with an increasing proportion of valuable players and exhibitors holding stablecoins lacking a reliable and compliant method to convert these into gaming credits or pay for event fees.
The manual reconciliation required across various events, currencies, and counterparties also elevates operational costs and depletes the finance team’s time and resources.
RYKI, which launched in 2020 in the British Virgin Islands, is well-acquainted with these challenges. Having completed over $1 billion in trades, the company has rolled out a specialized service line targeting the global gaming industry.
"Gaming has become a financial business as much as an entertainment one," said Sweeting. "The largest operators manage high volumes, hold customer funds, and bear foreign-exchange risks at an institutional level, yet they are relying on payment infrastructures that do not align with their customers' behaviors."
RYKI’s solution offers a unified approach for casinos, online gaming operators, iGaming platforms, software providers, and event organizers to accept stablecoin and crypto payments, achieve same-day fiat settlement, and manage treasury operations across various currencies and jurisdictions through a fully registered global counterparty.
This service combines several essential capabilities: first, reliable stablecoin payment routes and direct fiat settlements that streamline fragmented processes into a single pathway. By providing direct liquidity in US dollars, it eliminates intermediary euro conversions and the accompanying double spread costs, while stablecoin-connected routes facilitate same-day settlements instead of the prolonged timelines often dictated by SWIFT.
Next, RYKI offers custody for clients’ digital assets in a compliant manner, removing the burden on operators to establish their in-house crypto handling systems and navigate ensuing regulatory complexities.
Additionally, RYKI manages treasury functions across more than 150 currencies, allowing operators to hold, convert, and settle in real time, thus minimizing the effects of high-volume flows and foreign-exchange risks at an institutional scale.
Lastly, the service includes specialized gaming-aware compliance with seamless onboarding procedures. RYKI’s compliance expertise in its role as a registered VASP ensures a smooth review process and avoids unexpected account freezes, with support provided at every stage.
Registered with the British Virgin Islands Financial Services Commission, RYKI offers gaming businesses access to regulated crypto payment rails, custody, and treasury services through a licensed intermediary. This arrangement allows operators to maintain their gaming licenses while RYKI supplies the compliant digital asset layer beneath.
RYKI points to early successes in the sector as a basis for its strategy. In a recent treasury engagement with one of the most well-known online game operators, RYKI eliminated a structural double conversion from euro to dollar, condensing two transactions into one and removing additional transactional costs. This partnership transitioned the operator from multi-day settlement timelines to same-day clearing while significantly reducing compliance friction, freeing up operational resources.
For premium casinos, RYKI has introduced a crypto credit system allowing VIP players to utilize digital assets without having to liquidate them. The company states that on-chain verification takes about 60 seconds, compared to two to five days required by traditional banking, enhancing the speed of transaction completions.
RYKI estimates that over $50 billion in crypto holdings from high-net-worth players remains largely untapped by premium gaming venues. The potential for growth extends beyond individual players; for example, RYKI facilitates gaming conferences in processing stablecoin payments from international sponsors, which has resulted in faster transaction confirmations and fewer abandoned sponsorship payments, along with automated reconciliations across events.
RYKI contends that such instances illustrate how its infrastructure can enhance operators' digital asset capabilities. "Our customers already hold digital assets. What they have lacked is a regulated counterparty that can settle quickly, custody securely, and ensure compliance without complications," Sweeting added. "Operators are no longer trying to patch a crypto strategy through unsuitable channels; they are partnering with a supervised firm, which is exactly the gap we sought to fill with our service."
The launch of RYKI’s dedicated service line corresponds with the convergence of rising market demand, advancing technology, and evolving regulatory frameworks. As stablecoins gain acceptance as mainstream payment options and legislation like the GENIUS Act in the U.S. and MiCA in the EU provide clearer guidelines, gaming operators are no longer questioning whether to accept digital assets but are learning to do so efficiently. RYKI asserts that collaboration with a fully registered VASP is becoming a prerequisite, as operators who fail to adapt their infrastructure risk losing crypto-savvy clientele to nimble competitors.
