BUSINESS | Sept. 2, 2021 | WOZINGA NEWS
Stalwart Esports is the first company to embrace cryptocurrencies
- Stalwart Esports, announced release that their balance sheet is now completely converted from cash to cryptocurrency.
- It will also launch its own fan crypto token later this year, which supporters of the organization will be able to buy and trade.
By Elah Mae Ariate Wozinga Journalist
Stalwart Esports, an Indian esports organization, announced in a press release that their balance sheet has been completely converted from cash to cryptocurrency.
According to Stalwart, this makes it the first esports organization to officially embrace cryptocurrency and blockchain technology.
Stalwart to launch its own fan crypto token
Stalwart’s founder, Zeyan Shafiq, confirmed to Dot Esports that all salary payments to employees and players will be made in cryptocurrency as well.
This move comes as the Indian government is reportedly considering a cryptocurrency ban. Despite this, Shafiq expressed confidence in the organization’s decision to adopt digital currency.
“We believe crypto is the future, and blockchain technology has a lot of potential in esports,” Shafiq said. He also told Dot Esports that another “main reason” for this move is that Stalwart will launch its own fan crypto token later this year, which supporters of the organization will be able to buy and trade.
Advantages of converting to cryptocurrency
Shafiq also mentioned some additional advantages of converting completely to cryptocurrency. “We can send money from India to Mongolia in less than 10 minutes, so it’s obviously less time consuming and has very low or no fees, unlike traditional banking.”
When asked if the employees and athletes had the option of accepting their salaries in fiat currency, Shafiq stated that they are all interested in accepting their dues in cryptocurrency due to “less time consumption.”
“They can convert it to fiat currency at any time by selling the cryptos through P2P,” he added.
Today, Stalwart announced the formation of its new PUBG Mobile team. The organization signed Astra Academy’s Mongolian roster, which won the PUBG Mobile Pro League (PMPL) South Asia Championship in June.
Stalwart claimed to be the highest-paid team in South Asian PUBG Mobile esports (excluding India). Shafiq told Dot Esports that the players’ annual salary is $50,000. Players will also receive special perks and monetary bonuses based on their performance each month. All payments will, of course, be made in cryptocurrency.