The global online market is experiencing rapid growth, with projections indicating a valuation of approximately $88 billion by 2025 and an anticipated doubling by the early 2030s, as noted by Grand View Research. However, RYKI, a Virtual Asset Service Provider (VASP), asserts that the industry's existing payment infrastructure is struggling to keep pace with this expansion.
Digital asset payments are increasingly vital to the sector. Analysts highlighted by RYKI estimate that crypto-funded wagers make up nearly 17% of all iGaming bets worldwide, with over 30% of online operators integrating some form of cryptocurrency payment. Yet, much of this demand is still processed through outdated payment systems reliant on correspondent banking, resulting in multi-day settlements, foreign exchange spreads, and banking cut-off delays.
The gaming industry faces several challenges, primarily stemming from slow, expensive cross-border settlements. Payments routed through SWIFT and correspondent banks can take anywhere from three to seven days to clear, while foreign exchange conversions add an additional 50 to 100 basis points to each transaction. There is also the problem of double conversion: operators lacking gaming-friendly settlement partners in the Western Hemisphere often find that crypto off-ramps settle in euros, necessitating a second conversion into dollars, further compounding costs.
Compliance issues exacerbate the situation, as standard banking and payment relationships often lead to holds and fund freezes when crypto-related transactions occur, disrupting operations and immobilizing working capital. The absence of an on-ramp for crypto-native customers compounds the problem, as a growing number of high-value players don't have secure, compliant methods to convert their stablecoins into gaming credit or cover event fees. Additionally, manual reconciliation across events, currencies, and counterparties increases operational costs, straining financial teams.
Founded in 2020 and based in the British Virgin Islands, RYKI has recognized these pain points and has executed over $1 billion in trades since its inception. The company has introduced a dedicated service line tailored for the global gaming industry. CEO Lennon Sweeting remarked, "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's solution provides casinos, online gaming platforms, and event organizers with a streamlined process to accept stablecoin and crypto payments, facilitating same-day settlements into fiat, and effective treasury management across various currencies and jurisdictions via a fully registered global counterparty. This service is constructed around four central capabilities.
First, it features stablecoin payment rails paired with direct fiat settlements, eliminating fragmented payment processes. By providing direct US dollar liquidity, RYKI removes the intermediary euro layer and the associated double-spread costs, ensuring same-day settlement that supersedes SWIFT timelines.
Second, RYKI stores clients' digital assets in audited, compliant custody, sparing operators from the need to develop in-house crypto handling systems while navigating ambiguous regulations.
The company also offers treasury management across more than 150 currencies, presenting operators with real-time visibility to manage high-volume transactions and foreign exchange risks efficiently.
Lastly, RYKI ensures gaming-aware compliance with a white-glove onboarding experience. Their sector-specific compliance expertise is designed to mitigate unexpected freezes and holds, offering dedicated support throughout the process.
RYKI is fully registered with the British Virgin Islands Financial Services Commission, which grants gaming firms access to regulated crypto payment systems, custody services, treasury management, and settlements through a licensed provider. This arrangement allows gaming companies to retain their gaming licenses while RYKI acts as the compliant payment layer.
The firm’s efficacy is illustrated by prior engagements within the gaming sector. In a treasury collaboration with an esteemed online gaming operator, RYKI successfully eliminated a structural euro-to-dollar double conversion. This streamlined the operator's process, shifting from two trades to one and reducing associated transaction spreads.
Additionally, RYKI has crafted a crypto credit and settlement model for premium casinos, empowering VIP players to use digital assets for gaming without the need for forced liquidation. On-chain verification is completed in around 60 seconds, compared to the typical two to five days required by traditional banking systems, along with same-day conversions and settlements.
RYKI estimates over $50 billion in crypto assets among high-net-worth players remains untapped within premium gaming venues. Opportunities also extend into the events sector, where RYKI allows gaming conferences to accept stablecoin payments from exhibitors and sponsors, reducing multi-day wire transfer times to only minutes. The company also reports improved booth confirmation timings and lower rates of abandoned sponsorship payments, alongside automated reconciliation across various events.
RYKI’s experiences highlight how its infrastructure can assist operators in enhancing their digital asset strategies. Sweeting noted, "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."
RYKI's launch of a dedicated gaming service line comes at a time when market demand, technological advancements, and regulatory frameworks are converging. As stablecoins gain traction and regulations like the GENIUS Act in the U.S. and MiCA in the EU provide clearer guidelines, gaming operators are transitioning from questioning whether to adopt digital assets to determining how to do so effectively. RYKI emphasizes that opting for a fully registered VASP instead of an unregulated provider is becoming the industry standard. As same-day settlements and digital asset payments evolve into expectations, operators lacking the necessary infrastructure may find themselves losing high-value, crypto-native customers to more flexible competitors.
