In a press release last week, Indian esports organization Stalwart Esports announced that they’re making the full transition from cash to cryptocurrency, making them the first esports organization to officially and completely adopt cryptocurrency and blockchain technology as their primary legal tender. All salary payments to employees and players will also be made in crypto, Stalwart founder Zeyan Shafiq has confirmed.
“We believe crypto is the future and there’s a lot of scope of blockchain tech with esports,” Shafiq said. He further told Dot Esports that another “main reason” for this move is that Stalwart will be launching its own fan crypto token later this year, which can be used by the org’s supporters to buy and trade.
When pressed on whether Stalwart employees were on board with the move, Shafiq pointed out other benefits of shifting completely to cryptocurrency: “We’re able to send the money from India to Mongolia in less than 10 minutes, so [it’s] obviously less time consuming and [has] very less or almost no fees, unlike traditional banking.”
Shafiq mentioned that all of his employees are excited for the change and interested in accepting their dues in crypto due to “less time consumption. They can anytime switch it to fiat currency by selling the cryptos via P2P,” he added.
(All information was provided by Dot Esports)