Rivalry CEO cites addition of $TRUMP as kickstarting meme-coin strategy
Toronto-based Rivalry’s addition of the new Solana cryptocurrency $TRUMP as an accepted payment method is a prime example of being able to act quickly on “culturally viral moments” to boost the brand, according to Co-Founder and Chief Executive Officer Steven Salz.
Trump launched the meme coin, after having invited the crypto industry to a black-tie event Friday evening. Trump was inaugurated as 47th President yesterday in Washington.
$TRUMP as a payment method is available to Rivalry users to deposit and wager in jurisdictions which recognise the company’s Isle of Man license only.
“Meme coins represent a unique opportunity for Rivalry to insert itself into these viral moments and create acquisition and revenue opportunities from them,” Salz told COMPLETE iGAMING.
“As we saw with $TRUMP this past weekend, meme coins are uniquely capable of generating global awareness and billions in value at any given moment; positioning ourselves in a way which enables us to participate in these zeitgeist moments is an important part of what it means to be a crypto-first gambling operator.”
The value of $TRUMP dipped dramatically from a high of US$75.09 over the weekend to as low as US$31.21 yesterday and is at US$37.76 this morning.
“Having developed our crypto payment infrastructure over the last year, we are now able to add new currencies like $TRUMP to our cashier quickly and with very minimal engineering resources,” Salz said.
“This will be an ongoing part of our strategy moving forward, and our main competitive advantage will be the speed in which we can identify market interest in emerging cryptocurrencies, incorporate them into our product, and get scrappy on marketing it.
“One major benefit for meme coin holders is that we can add functionality to these zero-utility cryptocurrencies by allowing users to wager on sports, esports, or casino with them, whereas they are otherwise only worth what they can be sold for. This creates value optionality for the holders and a funnel for Rivalry to capture a piece of the market.”
A Rivalry spokesperson was asked if the company planned on adding the Melania Trump meme coin as well, which was launched over the weekend after her husband’s. Not likely, the spokesperson said, but the company is looking at others to launch potentially in the near term.
Rivalry is also offering customers rewards until 1 February, 2025, if they wager onsite with $TRUMP. That includes multiplying the amount of NUTZ (Rivalry’s native token) players earn on every bet by 20x, reflecting the 20 January inauguration date.
Rivalry’s token product from crypto wallet connected players generated CAD$3 million (US$2.1 million) in deferred revenue (200% more revenue than the average non-crypto player on Rivalry), according to third quarter financial results (ended 30 September, 2024).
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