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SBI esports, the sports subsidiary of the Japanese financial services consortium, the SBI group has recently announced that it is going to pay off its esports players’ salaries in Ripple (XRP). The following move will be a part of the sponsorship deal with the Venture capital firm called VC trade.
The official announcement made it absolutely clear that esports player salaries will be paid by crypto instead of fiat in order to embolden measures that strengthen company presence among the esports players who also use digital currencies.
The SBI VC trade is a crypto sales office as well as an exchange that provides safe transactions of crypto assets to people. It provides the reliability and brand satisfaction of being a part of the SBI group company. It is actively looking towards promoting tough security measures with its initiatives such as the use of a Cold wallet called ‘Cool X Wallet’. In addition to this, it strives to improve customer convenience thanks to the release of its mobile application called VC Trade SP.
SBI esports has been a longstanding partner of Ripple. The partnership deal enables them to diversify their portfolio within the realms of the blockchain industry. The company operates with a goal to generate and build a healthy market that would be customer-focused. It will look at measures that would not just improve prices but also expand liquidity within the ecosystem. XRP holds a market cap of $10,827,898,158. It is at the moment ranked fourth largest crypto in the terms of market cap as per the CoinMarketCap data.
XRP was designed to provide on-demand liquidity as a link between fiat currencies for the remission of financial institutions. With this, it has enabled financial institutions to expand their reach of remittance destinations at a global level and concurrently lowering the liquidity costs. XRP also has the feature of transaction fees when transactions are made on the XRP ledger. This makes it a secure system against attackers also because when the attackers attack the network, the fee is automatically raised. XRP also presents faster transaction rates with settlement happening every 5 seconds. Its structure is scalable and can settle at least 1,500 transactions in a second.
Last year in 2019, Ripple’s developer ecosystem called Project Xpring along with the game-centric blockchain platform called Forte came together for a $100 million fund to support developers related to the field of gaming. Brett Seyler, Chief Platform Officer at Forte said:
“Blockchain technologies’ key innovations unlock vast potential for nearly all forms of digital interaction. Gaming is a $140 billion global industry driven predominantly by digital micro-transaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology.”
Virtually Human Studio, the blockchain entertainment studio’s head of growth Mac Ocampo believes that there is one hurdle that prevents it from further growth. Not all the gamers are crypto traders and not all crypto traders are gamers. The gaming industry is currently hurdled with this loophole which it intends to work on.