The World Series of Poker is accepting cryptocurrency for the first time in its history, partnering with the Solana Foundation to let players pay tournament entry fees using Solana and, later this year, receive their winnings in stablecoins.
The new payment option is live now at the 57th annual WSOP summer event at Paris Las Vegas and Horseshoe Las Vegas. Players can complete buy-ins using Solana through MoonPay’s payment infrastructure, with zero processing fees.
Related: Solana adds native subscriptions and recurring payments to its blockchain
What’s changing and when
The rollout happens in two stages. The first is already underway, players at this summer’s Las Vegas event can 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 payouts in stablecoins on Solana, giving players near-instant access to their winnings without the delays that typically come with international transfers.
“We are incredibly proud to bring such an innovative and passionate community into the fold,” said Ty Stewart, Chief Executive Officer of WSOP.
“Solana’s ecosystem, like the WSOP, constantly challenges conventions and remains laser-focused on the consumer experience. Solana’s speed and efficiency mirror the fast-paced energy of our tournaments, and we are excited to showcase their technology to our global audience.”
Why Solana
Solana is a blockchain network built for speed and low cost. It can process thousands of transactions per second, and its average transaction fee sits below $0.001, making it practical for high-volume payment processing at a global tournament series.
According to the announcement, the initiative is intended to improve the experience for players traveling to events from around the world.
Trending on TheStreet Roundtable:
“Solana is a digital economy where people can own and trade millions of assets, make payments, earn on their money, and more,” said Vibhu Norby, Chief Product Officer, Solana Foundation.
“Trading in particular has been a huge area of growth on Solana over the last few years, generating over $4 trillion in volume. At its core, trading shares many of the same characteristics as poker: hard decisions, incomplete information, minding your bankroll. We’re incredibly excited to grow the game of poker with the WSOP and bring these two worlds together.”
