The World Series of Poker accepts cryptocurrency for the first time in its history, partnering with the Solana Foundation to allow players to pay tournament entry fees using Solana and, later this year, receive their winnings in stablecoins.
The new payment option is now available at the 57th Annual WSOP Summer Event at Paris Las Vegas and Horseshoe Las Vegas. Players can complete purchases using Solana through MoonPay’s payment infrastructure, with no processing fees.
Related: Solana adds native subscriptions and recurring payments to its blockchain
What is changing and when?
The launch occurs in two stages. The first is already underway: players attending this summer’s Las Vegas event will be able to pay tournament entry fees directly in Solana.
The second stage comes in December, when WSOP Paradise in The Bahamas will allow tournament winners to receive payments in stablecoins on Solana, giving players near-instant access to their winnings without the delays that international transfers typically entail.
“We are incredibly proud to add such an innovative and passionate community,” said Ty Stewart, CEO of the WSOP.
“The Solana ecosystem, like the WSOP, constantly challenges convention and remains focused on the consumer experience. Solana’s speed and efficiency reflect the fast-paced energy of our tournaments, and we are excited to showcase its technology to our global audience.”
Why Solana?
Solana is a blockchain network created to offer speed and low cost. It can process thousands of transactions per second and its average transaction fee is less than $0.001, making it practical for high-volume payment processing in a number of global tournaments.
According to the announcement, the initiative aims to improve the experience of players traveling to events around the world.
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“Solana is a digital economy where people can own and exchange millions of assets, make payments, earn with their money and more,” said Vibhu Norby, chief product officer, Solana Foundation.
“Trading in particular has been a huge area of growth at Solana in recent years, generating over $4 billion in volume. At its core, trading shares many of the same characteristics as poker: difficult decisions, incomplete information, taking care of your bankroll. We are incredibly excited to grow the game of poker with the WSOP and bring these two worlds together.”
