SBI esports, a subsidiary of SBI Group, the Japanese financial services conglomerate, announced that its esports players would receive salaries in Ripple (XRP), which going forward as part of a sponsorship deal with venture capital firm, VC Trade.
It has been reported according to the official announcement that player salaries will be paid through crypto instead of fiat in order to strengthen the company’s presence among esports players who also use digital currencies.
Ripple enters eSports with SBI paying players in XRPhttps://t.co/FYuYaUrTWh — 👨🔬⚡XRP Yoyo⚡ 🙅♂️ (@XrpYoyo) October 1, 2020
However, SBI esports, which is a long-time Ripple partner, said that this sponsorship deal is a way to diversify its portfolio within the blockchain industry, as their goal is to “create and nurture a healthy market based on customer-centricity, improve prices, and expand liquidity.”
According to CoinMarketCap, XRP holds a market capitalization of $10,827,898,158, making it the fourth-largest crypto in the category of market cap.
The esports branch of SBI Group signed a sponsorship agreement with a venture capital firm, allowing it to pay esports players with crypto, reports @conexiondigicol https://t.co/kZxWY4EkC1 — Cointelegraph (@Cointelegraph) September 30, 2020
In 2019, Project Xpring, Ripple’s developer ecosystem, and the game-centric blockchain platform, Forte, jointly established a $100 million fund to support game developers.
Thus, Mac Ocampo, the head of growth at blockchain entertainment studio Virtually Human Studio, previously said that “not all gamers are crypto traders, and not all crypto traders are gamers” — something he felt was a major challenge faced by the gaming industry.