Esports organizations have been on the frontline when it comes to accepting cryptocurrencies. Recently, Indian Esports organization Stalwart has managed to completely shift to using cryptocurrency. Their shift happens to be quite a bold move considering the fact that many consider crypto to still not be in the right place.
In their most recent balance sheet, the company shows that they are using cryptocurrency instead of cash. The press release also included more detail about their shift, such as the crypto they are using and the reaction of shareholders to the announcement. The company also mentioned that accepting crypto and making it their primary method of payment makes them the first to do so.
The founder of Stalwart, Zeyan Shafiq, further added to the press release during an interview. He said that all of the payments they are making will be in crypto. Furthermore, players and employees alike will be receiving their salaries in crypto as well.
Many have put into question the legitimacy of these claims, considering the plans of the Indian Government. Despite being one of the biggest crypto markets in the world, India’s government is considering a ban on crypto. While the details are still up in the air, many startups in this market are worried about their future. However, Shafiq seems confident in his organization’s decision to shift to crypto, despite the shifting landscape of his country.
He added that crypto is the future and there is no changing that. The founder also believes that the scope of Blockchain tech in the Esports scene has still yet to meet its full potential. His interview with Dot Esports also saw him commenting on another reason why they shifted to crypto.
Shafiq said that Stalwart is planning to launch their personalized fan crypto token as well. Supporters of the team can use these tokens to buy merch and support the organization. Another reason for shifting to crypto is that it takes less time and costs close to nothing, according to Shafiq. Unlike traditional banking, crypto charges very little when transferring money. It is also very fast.
Zeyan Shafiq said that they were able to send money from their country to Mongolia in a little over five minutes. This alone was a game changer for the organization. Finally, Dot Esports asked if the employees will be able to shift to a more traditional form of currency. In response, Shafiq said that his employees are more than willing to accept crypto, as it is considerably faster. And through P2P they can even witch back to fiat currency.