This iGaming Entrepreneur Is Looking To Revolutionise the International Payment And Money Transfer System As an early adopter of crypto and pioneer in the iGaming space, Aussie-born venture capitalist and tech founder Tim Heath is used to being ahead of the curve. After founding Yolo Group, a VC aimed at bringing next-level innovation to gaming, fintech, and blockchain, Heath is ready for his next challenge – the international payment and money transfer system

Over the last decade, we have seen significant growth in online gaming. From the development of mobile-only platforms to the use of blockchain technology, the world of online gambling is a highly innovative field. As one of the fastest-growing global industries, it is clear that iGaming is here to stay.

One individual at the forefront of this industry is serial entrepreneur and venture capitalist Tim Heath.

Born and raised in Australia, Heath has always had a passion for emerging technologies, particularly in the digital sphere. Following his studies in information systems and e-commerce at the University of Melbourne, Heath entered the software development and e-commerce industry, finding his own company, heathmont.net, in 2003. In 2013, Heath entered the iGaming space by founding The Coingaming Group. A few years after its inception, the Group became the leading operator of globally recognised brands such as bitcasino.io and sportsbet.io.

Following several high-profile successes in the sector, in 2017 Heath was ready to move into venture capital and apply his resources and expertise to identifying and nurturing new companies with the capacity to revolutionise the gaming, fintech and crypto spaces.

For a couple of years, Heath ran both his businesses and his investment vehicle concurrently. However, as Heath's businesses continued to mature, he decided to combine his empires and rebrand his companies, in an effort to create synergies and expand into new markets.

In 2021, The Coingaming Group was officially rebranded as Yolo Group. Still specialising in the intersection of gaming, finance and technology, Yolo Group consists of a range of businesses, including Yolo Investments.

Currently, Heath serves as a Founder and Board Member of Yolo Group and is a General Partner of Yolo Investments. With over 600 employees, Yolo has quickly grown into the dominant VC in its space.

Heath enjoys picture thinking, and has set his firm's sights on disrupting the international payments system.

Currently, the world's financial institutions predominately rely on SWIFT to coordinate international payments. Standing for the Society for Worldwide Interbank Financial Telecommunications, SWIFT is a member-owned cooperative that facilities transactions between different banks worldwide. Each bank that is a member of SWIFT is assigned a SWIFT code that is unique to their bank branch and location. No two SWIFT codes are the same, so banks can identify one another when dealing with international payments and money transfers.

However, transfers via SWIFT are issued by private banks and can take up to a week to clear, leading to delays and increased costs for businesses and individuals alike.

Frustrated with a system whose infrastructure was conceived in 1973, Heath wants to bring the international payment system into the 21^st century.

Heath says his background in gaming and software have taught him the value of time and privacy. "If a bet is slightly delayed, even by a few seconds, thousands of users will be out of touch with their games, costing them the valuable currency of time and money", says Heath, "and if the gaming systems are not private and secure, individuals will not utilise their platforms. So if you're thinking of ways to revolutionise the international payments system, you need to make sure both of those values are at the forefront of any new system."

For Heath, the technology needed to create a new system that avoids these delays without compromising security has been proven in the form of Bitcoin's Lightning Network.

Serving as a second layer added to Bitcoin's network, the Lightning Network allows transactions to be done between parties off the blockchain network. Known as off-chain transactions, it ultimately speeds up processing times while reducing the costs associated with Bitcoin's blockchain, such as energy costs. Bitcoin still has its critics of course. Its continued price volatility and the lack of regulatory clarity continue to inhibit institutional adoption.

However Heath is convinced it is only a matter of time until Lightning becomes mainstream. He is also intent on playing his part in building the ecosystem that will enable it to do so, busily developing the next gen Layer 2 and Layer 3 companies that will help bridge the gap between BTC and USD.

Note: Investment in cryptocurrency and crypto assets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.