Phil Nagy

Winning Poker Network by Phil Nagy, Accepting Crypto Since 2014

Phil Nagy, From Winning Poker Network

I recently spoke to Phil Nagy, CEO of the Winning Poker Network (WPN). Soon after talking to Phil for only a few minutes, I realized how passionate he was about cryptocurrencies and their practical use cases. You might ask what cryptocurrencies have to do with poker? Well, WPN happens to be 6th largest online poker network in the world and their business has been accepting cryptocurrencies from players since 2014.

In “cryptocurrency years”, that is quite a long time and, as Phil explained to me, his company had to work through all the challenges and obstacles that come with accepting a completely new payment method. World Poker Network, which has its bases in Bulgaria, South Korea, and Costa Rica, can now be considered one of the pioneers in the “Crypto Poker” world because of the extensive knowledge and expertise they have acquired by processing cryptocurrency transactions for nearly four years now.

Challenges When Accepting Cryptocurrency Payments

Due to their highly volatile nature, cryptocurrencies present a big challenge to businesses that try to accept them as payment. For instance, if you make a $100 payment with Bitcoin, that same $100 could be worth $50 by the time payment is fully processed. So clearly, any business that accepts Bitcoins or any other crypto would have to find a way to deal with such volatility.

This is exactly what Phil Nagy and his WPN had to deal with. Notably, the lively CEO, or Chief Poker Player as he likes to call himself, explains that their crypto business plan included accepting 60 different cryptocurrencies. This was a really wise move, because it allowed the business savvy CEO to engage in some quality data mining and research. Phil pointed out that by accepting so many different cryptos, his company was able to determine which cryptos were being used in various geographical locations across the world. The company then used this valuable information to further improve their crypto business model, in order to offer the best possible services to their loyal customers.

Exponential Rise In Cryptocurrency Transactions

In late 2014, the time when WPN first started accepting and allowing their customers to make deposits in cryptocurrencies, they only made up 2% of the giant poker network’s total transaction volume. But now, Phil says that crypto-related transactions account for approximately 60% of their total transactions. He then mentioned that his company had to stomach a lot of the losses due to the extreme volatility of cryptos. 

However, due to the company’s hard work and perseverance, they now have the expertise necessary to help other poker and gambling companies start accepting and processing crypto payments. Phil Nagy, who is heavily invested in cryptocurrencies himself, believes in educating people about digital currencies and developing more use cases for them. This, according to him, will greatly help in their mainstream adoption. Phil also thinks one of the best ways to educate yourself and truly learn about cryptocurrencies is by actually using them in betting. This is spot on because that’s when you actually have something at stake, and one would be highly motivated to know what exactly they are betting with.

Crypto By Experience Conference in Amsterdam

Moreover, working through the different challenges of converting BTC to USD and match making with the help of highly skilled and professional traders, has given WPN a decisive edge in the “Crypto Poker” business. Phil Nagy now generously plans to give back to the Poker community and businesses by speaking about his company’s crypto business model at the Crypto By Experience conference scheduled in the month of July in Amsterdam. 

As Phil rightfully stated and emphasized numerous times during our interview, he believes in educating people about cryptocurrencies and trying to develop more practical uses cases. Therefore, this is something he intends to do at the conference. Phil has also worked extensively with crypto and blockchain developers while integrating crypto payments into his business and knows, very well, how the development process works.

World Poker Network’s Cryptocurrency Exchange

After gaining this valuable experience, Phil has decided to launch WPN’s own cryptocurrency exchange. According to the ambitious CEO, the exchange will be launched in the next 90 days. While discussing the launch of his company’s own crypto exchange, Phil noted that he fully understands the importance of security when offering a digital currency exchange service. 

For this, the Chief Poker player says his company is fully prepared, and will make sure to developer a user-friendly and robust front-end. This would prevent malicious hackers from compromising the company’s online systems, and users can be rest assured that their funds will be safe. 

It was definitely a great learning experience for me when talking to Phil Nagy. Please stay tuned for more updates from Winning Poker Network and Phil!

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DISCLAIMER: This article is purely for informational purposes. Crypto Core Media assumes no responsibility regarding the accuracy of the information in this article.