With an estimated $60 million deficit, Full Tilt Poker has been in desperate need of liquidity since Black Friday on April 15. The company has been actively pursuing potential investors and bank loans, all to no avail. Enter Jack Binion, who reportedly is considering making a major stake in Full Tilt.
Binion is one the most powerful players in the casino industry. He became President of Binion’s Horseshoe Casino and Hotel in 1963, when he was only 26 years old. As a member of both the American Gaming Hall of Fame and Poker Hall of Fame, and heir to the wealth of casino entrepreneur and mobster Benny Binion, Jack Binion is in a unique position. In a single investment, Binion could save Full Tilt and take significant ownership of its operations. Binion would assume a great deal of risk in any deal. A $60 million deficit is a difficult proposition in any business, but reports and rumors have been circling for days that this is a risk Binion is seriously considering.
According to multiple reports, both Jack Binion and Phil Ivey have been in Ireland recently to meet with Full Tilt executives. If Full Tilt secures a major investor like Binion, players could expect their money to be returned. Players will be forced to wait on cash outs until Full Tilt is able to secure a surge in liquidity. If that were to be provided by an American powerhouse figure like Binion, the possibility of Full Tilt’s return to the USA may be quickened. Full Tilt has announced that it has “pending deals with several parties that would put money back in players’ pockets.”
Black Friday is now officially over a month and half over with. Most U.S. players seem to have figured out a new site or travel arrangements to allow themselves to play at their old sites. Non-U.S. players are obviously having an easier time figuring out where they want to play, usually based on which site is now carrying the most traffic. PokerStars was relatively quick in giving their players (U.S. included) their money by withdrawals …Read More
Noelle Acheson is a 10-year veteran of company analysis and corporate finance, and a member of CoinDesk’s product team. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday, exclusively to our subscribers. Bitcoin might finally be overlapping the broader fintech industry’s popularity.
Norway’s largest online-only bank, Skandiabanken recently announced it plans to offer clients the ability to link bank accounts to cryptocurrency holdings.
While some might see this move as one of traditional banks embracing bitcoin, really, it heralds a new shift in the evolution of cryptocurrency into the greater fintech space.
Skandiabanken announced its intentions this week to let users connect a bank account with a Coinbase account, allowing users to view their cryptocurrency balances within the banking app.
The app allows users to view their holdings, just as they would other investments, and, for now, the functionality does not include the ability to buy and sell cryptocurrencies. The bank has stressed it does not yet view bitcoin as a currency, but instead another asset class.
This is likely the beginning of a trend that sees bitcoin merge with broader fintech trends of offering customers innovative, if not niche services.
Around the world, mobile banking is taking a lead over branch-centered activity – in Norway, for example, 91% of the population access online banking sites.
The proliferation of fintech services that ‘unbundle’ traditional banking functions, combined with the maturing of the internet-first generation, are accelerating this trend.
What’s more, the European Revised Payment Services Directive (PSD2) activates in 2018. The directive mandates that banks have to share customer data with third parties through APIs, which could include access to cryptocurrency services.
So, the combination of online banking, fintech services and open APIs point to a blurring of boundaries between traditional and alternative finance.
New banking institutions such as Skandiabanken, are taking Crypto Gambling steps towards accepting bitcoin and its altcoins as credible assets. Should this trend continue, cryptocurrencies could end up becoming a more firmly consolidated feature of the new fintech landscape.