The sports betting industry has come to a standstill because of the global coronavirus outbreak. Since major sporting events have been canceled, sports betting operators are already counting their losses.
However, some companies are still looking for creating more space for themselves in the competitive sports betting market.
ZenSports, the mobile sports betting app, has announced the launch of fiat deposits and withdrawals on its platform. Up until now, ZenSports has primarily focused on cryptocurrency transactions, such as Tether (USDT), Bitcoin, and its own native token SPORTS.
Following the official announcement, the offering comes due to the partnership with Prime Trust, which is a financial infrastructure provider for fintech Innovators. The new option allows customers to deposit fiat funds within the ZenSports app by debit card or by Wire Transfer without having to sign up for a separate third-party account. According to ZenSports Co-Founder & CEO Mark Thomas:
While the ZenSports team believes that cryptocurrencies are the future of money in the betting and sports industries (and in the world in general), we recognize the importance of offering fiat currency options to appeal to as many customers as possible.
ZenSports, the mobile sports betting marketplace, allows users to create bets with their own odds and terms as well as accept bets created by other users. The decentralized marketplace eliminates the need for a bookmaker, which causes a decrease in betting prices and faster processes. The platform also allows to provide trustworthy procedure for betting on sports.
ZenSports was launched last March and has raised more than $1 million USD during several seed funding rounds within the year. The fast-growing startup accepts bets form over 30 sporting leagues globally. Despite the pandemic, the company is planning an expansion into the US market within this year.