The adoption of cryptocurrencies continues to expand in the market and this time it is up to the gaming industry. According to an official announcement made on 30 September this year the SB e-Sports will pay its players in XRP.
SBI Holdings is a Japanese financial conglomerate and one of the largest supporters of Blockchain Company Ripple since 2016.
The companies collaborated to create SBI Ripple Asia and have since worked on several projects.
According to the official announcement, SBI e-sports, a subsidiary of the SBI group, will begin to pay the salary of its players in the native currency of Ripple as part of a sponsorship agreement with the venture capital company, VC trade.
“Esports players will be paid in XRP cryptocurrencies instead of Japanese yen, based on the player’s wishes and sponsorship agreement with SBI VC Trade Co., Ltd“, is read in the announcement of the company.
SBI esports, which as we have anticipated is one of the major supporters and partners of Ripple, stated that this sponsorship agreement is a way to diversify its portfolio in the blockchain industry and to push players to use digital resources rather than legal currencies.
As stated in its press release, the objective is “to create and cultivate a healthy market, based on customer centrality, improve prices and expand liquidity”. ” The company -follow- intends to advertise the SBI Group by strengthening the points of contact with the digital generation and creating synergies with the various financial services activities of the SBI Group“.
As already mentioned, SBI has worked with Ripple on a wide range of projects and initiatives.
We must consider that XRP digital asset is, at the time of writing, the fourth largest in the world after Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), with a price of $0.208 and a market capitalization of €9,413,425,694
XRP, is a great improvement over traditional systems, is a fast and economical cryptocurrency to use, since it provides immediate liquidity and allows users and companies to receive funds in fiat currencies in a few seconds.
Ripple is now working with different liquidity providers in different countries and regions that allow these transfers to go smoothly. In the future, more businesses could easily start using XRP virtual currency to pay for goods, services, and even employees. This is sure to benefit the entire cryptocurrency market.
The adoption of this cryptocurrency, announced by the Japanese company, is not the first adventure of Ripple in the world of games.
In 2019, the Ripple developer ecosystem, Project Xpring, and the blockchain platform focused on the game, Forte, jointly established a fund of $100 million to support game developers and to increase the adoption of blockchain technology in the gaming industry.
As regards the SBI shareholdings, the company disclosed its plan to integrate Ripple’s Moneytap settlement platform with Atms managed by various banks throughout Japan, to allow users to easily access their funds regardless of the banks of which they are customers.
In June, SBI also announced plans for the launch of the first activity fund focused on the nation’s encryption with a 50% allocation of XRP.
Although the use of XRP by E-sport is a pilot project, it could be the beginning of a drastic change in the way some companies decide to pay their workers.