SBI esports, a subsidiary of Japanese financial services group SBI Group, announced that esports players will be paid Ripple (XRP) in the future as part of VC Trade’s venture capital sponsorship agreement.
According to the official announcement, players’ salaries will be paid through cryptocurrency instead of fiat currencies in order to boost the company’s presence among sports players who also use digital currencies.
SBI esports, a longtime partner of Ripple, said this sponsorship deal is a way to diversify its portfolio in the blockchain industry. Their goal is to “create and develop a healthy market based on customer focus, price increases and liquidity.”
According to CoinMarketCap, XRP’s market cap was $ 10,827,898,158 at the time of publication, making it the fourth largest cryptocurrency in the market cap category.
Back in 2019, Ripple’s Project Xpring developer ecosystem and the Forte Gaming blockchain created a $ 100 million fund to support game developers.
Mac Ocampo, Head of Growth at Virtually Human Studio, told Cointelegraph that “not all players are cryptocurrency traders, and not all cryptocurrency traders are gamers” – which he believes is a huge challenge facing the gaming industry.