Cryptocurrency exchanges have identified esports as a potential growth engine after the industry experienced significant growth in recent years as tournaments look to capitalize on the competitive nature of video games.
In this context, according to Coin Telegraph, cryptocurrency exchange Paybit has secured new contracts with esports organizations Australis and Alliance that will see the crypto exchange expand its reach. Its presence in the video game industry.
Paypet will feature its logo on gaming T-shirts and Twitch.tv streams as part of a broader strategic initiative targeting more expansive player participation, carbon-neutral initiatives and financial education programmes, it said. The stock exchange announced on Monday.
Bin Zhou, co-founder and CEO of Paybit, said his company is in the long run, referring to esports. He believes that there is a special connection between the esports and cryptocurrency communities due to their high competitiveness and rapid adoption curves.
As part of the deal, Astralis and Alliance will send talent to the World Series of Trading, the annual crypto-trading competition hosted by Paybit. Players will compete for a prize pool of up to $7.5 million, nearly five times the previous year's amount.
Paypet has expanded its presence in the esports industry, having recently signed an exclusive partnership with Navi, the Ukrainian esports organization known for its Counter-Strike and FIFA competitions. and Apex Legends.
