Fiat on-ramp service Simplex has formed a partnership with a cryptocurrency trading platform Bitrue to activate the trading of GALA tokens. GALA serves as the main token within the Gala Games environment.
The gaming industry is witnessing a surge in the integration of blockchain technology as this groundbreaking advancement offers a solid framework for the monetization of in-game assets. Through DLT, developers can maintain unrivaled autonomy over their digital worlds, bypassing third-party publishers and hosting services.
Simplex and Bitrue Establish Alliance for GALA Transactions
As detailed in a press release from Blockonomi, Simplex has initiated a fiat gateway enabling the buying and selling of GALA tokens through its integration with Bitrue. GALA, an ERC-20 token, finds use in Townstar, a game utilizing blockchain, launched by Zynga’s co-founder Eric Schiermeyer.
By establishing a fiat gateway for GALA token transactions, Simplex is expanding the token's utility. Before this, GALA tokens were predominantly earned as a reward for operating a Gala Games Soft Node.
Discussing the expanded use of GALA tokens, Simplex CEO Nimrod Lehavi noted:
We are thrilled to partner with GALA, pioneers in blending crypto and casual gaming. Casual games represent a ground-breaking use-case that will significantly widen the community. Simplex is delighted to join forces with GALA and Bitrue to enable an easy and secure entry point for billions into this ecosystem.
The introduction of a token economy centered around GALA “coins” by Simplex and Bitrue could potentially boost the acceptance of cryptocurrencies and blockchain across the gaming industry. This could be a positive development for blockchain as the gaming sector offers yet another path for the technology's growth.
Simplex continues to provide fiat on-ramps for numerous cryptocurrencies . As previously reported as reported by Blockonomi, the company previously eliminated the know-your-customer (KYC) checks for transactions under $150 back in May.
Blockchain and Monetization of In-game Tokens
Trading in-game items is just a facet of the ongoing innovation at the junction of blockchain and the gaming sector. With emerging technologies like VR and AR, gamers are starting to experience deeply engaging and interactive virtual environments.
Blockchain and cryptocurrency offer an innovative approach to economically harness the gaming world where in-game assets now hold tangible value. Non-fungible tokens (NFT) are rapidly gaining popularity with firms working on valuable items like rare trading cards, digital fashion pieces, and even virtual plots of land.
Indeed, virtual land platforms like Decentraland projects like The Sandbox have seen significant acquisition activity from both individuals and corporations. Earlier in September, the massive crypto exchange Binance announced announced its purchase of more than 4,000 LAND tokens, the primary currency of The Sandbox's virtual universe.
DLT can provide a seamless intersection for different gaming universes, allowing asset transfers between games. Once Web 3.0 is fully operational, these exchanges could become incredibly streamlined.
