SBI e-Sports, a subsidiary of the Japanese financial services conglomerate, SBI Group, announced that its e-Sports players would receive salaries in Ripple (XRP) in the future as part of a sponsorship agreement with the venture capital firm, VC Trade.
According to him official announcement, players’ salaries will be paid with cryptocurrencies instead of fiat, in order to strengthen the company’s presence among e-sports players who also use digital currencies.
SBI e-Sports, which is a long-time Ripple partner, said that this endorsement deal is a way to diversify its portfolio within the blockchain industry. Its objective is “to create and nurture a healthy market based on customer orientation, improve prices and expand liquidity.”
At the time of publication of this article, XRP has a market cap of $ 10,827,898,158, making it the fourth largest cryptocurrency in the market cap category, according to CoinMarketCap.
In 2019, Ripple’s developer ecosystem, Project Xpring, and video game-centric blockchain platform Forte, jointly established a fund of USD 100 million to support video game developers.
Mac Ocampo, Head of growth of entertainment studio Blockchain, Virtually Human Studio, previously lamented to Cointelegraph that “Not all gamers are cryptocurrency traders and not all cryptocurrency traders are gamers”, something that, in his opinion, was a great challenge for the video game industry.