Cryptocurrencies have taken the world by storm, almost, over the last year or so, and are certainly here to stay. While Bitcoin’s rise in price is the story which has brought the majority of attention to this space, there are many other reasons why cryptocurrencies, as well as blockchain, could be the future of finance and technology. One of the biggest ways in which we are seeing blockchain have an immediate impact, is through the creation of digital payments platforms and solutions which are quicker, more reliable and safer than existing platforms. There are also some natural partnerships, especially online, which various companies are taking advantage of, and one such sector is the esports sector, which has a lot to be gained by working with cryptocurrencies and blockchain.
Bitcoin, or cryptocurrencies in general, and esports have a lot going for them in terms of partnerships. One of the biggest reasons for this is that integrity in gaming has been a big problem for years now, as it is extremely difficult to detect cheating, and then enforce bans or other forms of punishment on offenders. It is here that Bitcoin can help in a big way. Various game elements such as characters, items, rules and moves can be registered and logged on the blockchain, which can then provide a permanent record to analyze in case of irregularities during games. You can find more information around cryptocurrencies through this blog, published on the crypto casino site Winz.io. Many esports platforms are looking to integrate their games with blockchain networks in this manner, and although it will take some time for this to become common, it is quite encouraging that esports and cryptocurrencies have already managed to find a lot of common elements. In this regard, there is also an initiative to provide payments solutions to esports players through blockchain.
The fintech company Zytara is partnering with the esports team Dignitas to provide gamers with digital payments and banking services. This collaboration will give players access to Zytara’s ecosystem of savings and checking accounts, credit and debit cards, as well as investment tools. There will be features specifically aimed towards gamers, such as player-to-player transfers, automatic payments, and parental controls, among others. Users will also be able to access the Zytara Dollar, which is a stablecoin launched by the company in partnership with a regulated financial institution. It is redeemable on a 1:1 basis with the US Dollar, and is intended to help bridge the gap between finance and esports, since international payments are a huge sticking point for gamers, and using a universal stablecoin instead will help solve this problem easily. The DigitalBit blockchain on which the payments services will be based, will help monetize in-game currency for players, as well as enable payments and transfers around the clock, improve customer services, and enhance payouts for global esports tournaments if integrated with them.
Thus, we can see how blockchain and cryptocurrencies can help improve the esports sector by solving long-standing problems. Zytara was also launched with the objective of bringing a digital banking and finance platform to the market for gamers, and so it will offer specialized solutions for the industry. The platform has also recently added some strong names to its advisory board, including a former co-head of esports and gaming at Goldman Sachs, and a former CTO of UBS and Credit Suisse. This shows Zytara’s commitment towards constantly improving and providing relevant solutions for the gaming community, and this partnership with Dignitas will be a big step towards bringing digital banking and financial services to gamers and other online.