Fastoken (FTN) gains licensing approval from Dubai’s Virtual Assets Regulatory Authority (VARA) spelling a landmark achievement for FTN crypto investors. (Image courtesy of fasttoken )
BetConstruct’s sister company SoftConstruct has made a significant leap in its FTN crypto sphere. The Fastex blockchain ecosystem, which uses FTN, recently announced that it is now VARA-approved in Dubai, UAE; a country that is heavily in favour of regulating and promoting the use of cryptocurrency.
It is the second time this year that BetConstruct has been involved in crypto licensing news here on Livecasinocentral. The previous report came regarding the BetConstruct MGA crypto licensing approval.
BetConstruct & SoftConstruct Move FTN Crypto Forward!
BetConstruct and SoftConstruct are sister companies under the same co-founder Vigen Badalyan. BetConstruct operates mainly as an aggregator platform for online casino and sports betting and provides land-based gambling solutions.
On the other side of the coin, SoftConstruct operates the CreedRoomz live casino platform and is also the company behind the FTN cryptocurrency running on the Fastex ecosystem.
With the MGA crypto licensing and the new VARA approval investor confidence in the FTN crypto must be sky-high as SoftConstruct’s Fastex ecosystem is continuing to grow through two connected entities. Secondly, combining both licensing news may well attract more crypto connoisseurs to consider investing in FTN. That is Supply and demand, ladies and gents. It is one of the primary building blocks for the value of almost all cryptos. And BetConstruct and SoftConstruct have been working hard to ensure that demand increases.
Not only through the crypto’s attractiveness as an investment but also through FTN trading and B2B transactions. BetConstruct recently debuted its Best FTN Games Awards. The event comes with a prize pool of 3,333,000 FTN (US$ 3.7 million) – check out the BetConstruct BFTH awards news here. It’s another example of SoftContruct and BetContruct’s efforts to increase FTN usage.
Fastex Co-Founder Vigen Badalyan said, “This is a significant achievement for Fastex and the team behind the blockchain ecosystem and FTN crypto”.
VARA Approval Could Mean Significant Investment from UAE
With the Fastex VARA approval, the ecosystem will now expand into what is perhaps one of the world’s most prominent advocates for cryptocurrency. On top of this, the UAE (home to Dubai) is a super wealthy country with investors with deep pockets. FTN could go parabolic if the brand can attract some individuals and companies willing to invest in the future of the Fastex blockchain ecosystem.
The first news report here on Livecasinocentral covering the release of FTN came in 2022- BetConstruct Leads the Way for FTN when it was worth 0.35 USDT. Now the crypto is trading at 1.1 USDT. Could the new Middle Eastern launch mean higher gains for FTN?
Disclaimer: This is purely informational, and I am not a crypto investment expert, so that I could be missing something here. If you plan to invest in FTN, please seek investment advice from an expert platform.
Will FTN Feature in B2C Markets?
All the indicators indicate that FTN will eventually become available as a crypto deposit and withdrawal option for online gambling. If or when it does, FTN will then operate alongside other cryptos used for online and live casino B2C transactions, such as BTC, BCH, USDT, TRON, XRP, DOGE, ETH, and NEO, all listed as options on our live casino crypto platforms hub.
What is the reasoning behind my opinion?
The ERC-20 Ethereum-based cryptocurrency is already used with a series of major BetConstruct partners for B2B transactions.
- B2B Software Providers: At the time of that news report, 20% of the online gambling company’s partners had agreed to use FTN for B2B deals. Some top live casino software providers already using FTN for B2B transactions include Evolution, BetGames, Pragmatic Play, Platin Gaming, Fazi, Playtech, and Amusnet Interactive.
- Roadmap: In the Fastex Roadmap, Q1 of 2024 shows plans to release a decentralised sports platform launch on the Fastex Chain. Looking at 2023 Q2, the research and development stage is already in progress.
- MGA Crypto Licensing: Now that BetConstruct has MGA licensing to operate using crypto, it opens up a pathway for SoftConstruct to join cryptos like BTC and ETH as an online casino and sports betting payment options.
- Continued Listing on Exchanges: Bitget, Hotbit, Fast Exchange, BitMart, Coinstore, XT, and P2PB2B exchanges list the FTN FastToken.
As for the success of FTN, it looks good. Right now, FTN is trading at US$ 1.11, up from its starting price in February, which was US$ 0.3854 when it first became public in January.
See the official Fastex Roadmap: Find out more about FTN via the official Fastexchain & Fastoken Roadmap here.
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