The worlds of video gaming and Bitcoin intersect once again as popular video game marketplace Kinguin announced their new merchant payment solution. While the platform has been accepting Bitcoin payments for quite some time now, merchants can now withdraw earnings in BTC as well.
Kinguin Keen on Bitcoin
There was much joy and excitement among cryptocurrency enthusiasts when Kinguin announced their acceptance of Bitcoin payments in October of last year. Adding more use cases for Bitcoin is always a positive trend, and buying video game keys with cryptocurrency is an excellent way to boost cryptocurrency usage.
Moreover, Kinguin has not been the only platform to do this in the past few months. Gamesplanet and G2A have made similar moves recently, which goes to show there is a growing interest from gamers to get acquainted with Bitcoin and cryptocurrency. But Kinguin has decided to up the ante again, offering something none of the other platforms are doing just yet.
Most people are well aware Kinguin is a global marketplace where CD keys for video games are bought and sold every day. For the people looking to sell their CD keys, they can now opt to be paid in bitcoin as well, rather than having funds immediately converted to their local fiat currency. This conversion process is taken care of by leading payment processor BitPay.
Now that Kinguin merchants can reap the benefits from Bitcoin payouts, funds can be withdrawn in a smoother and more efficient manner. Adding such a feature is beneficial to the company as well, as they remove a lot of the friction associated with international payments by processing various payouts in one batch. Moreover, Bitcoin offers a faster way of sending out payments to merchants around the world.
Kinguin VP for Global Expansion, Faheem Bakshi, stated:
We have noticed a demand from our merchants for paying out with Bitcoin. Having the option to pay out with Bitcoins is a great opportunity to attract more merchants selling digital products on Kinguin. It allows users of Kinguin’s platform to buy and sell video games in even more new ways.
The company decided to add the Bitcoin payment option back in October of 2015, and has noticed a lot of customers are paying with cryptocurrency rather than any of the traditional payment options. The company sees value in Bitcoin and wants to be a part of this growing ecosystem of frictionless global payments.
Will Kinguin’s new Bitcoin withdrawal option help boost demand for the cryptocurrency? Let us know in the comments below!
Source: Press Release via Email
Images courtesy of Kinguin, Shutterstock