Kinguin, a well-known game distribution platform has announced the introduction of Bitcoin payouts for its merchants. The announcement was made by the company a couple of days ago in one of the blog posts.
According to Kinguin’s blog, the company has decided to allow its merchants withdraw their earnings in the form of bitcoin in addition to its regular payout options as it offers a lot of convenience. With bitcoin payout options, Kinguin’s merchants will be able to easily withdraw their earnings instantly. It is a well-known fact that bitcoin payments are more cost efficient than conventional payment options. Bitcoin comes in handy especially when the settlements involve cross-border transactions.
Traditionally, wire transfer across geographical boundaries take anywhere between a couple of days to weeks. Also, not to forget the hefty transaction fees imposed on international wire transfers.
Kinguin has a longstanding partnership with BitPay since it started accepting Bitcoin payments in October last year. Until now only the buyers were able to utilize the benefits of bitcoin, but now with the introduction of bitcoin payouts, even Kinguin merchants from across the world can use bitcoin.
While explaining Kinguin, the vice president of Global Expansion, Faheem Bakshi, there has been an increase in the demand for bitcoin payouts and by introducing the option, the company intends to attract more merchants to sell on its platform.
Kinguin is not the only game platform to offer bitcoin payments option. There are other players who are doing the same. Lately, there have been multiple unconfirmed reports about Valve Corporation’s game distribution and multiplayer gaming platform, Steam working on introducing bitcoin payments option in association with BitPay. If these reports are true, then we can expect Steam to make an announcement about in the coming months.
The gaming community is already familiar with bitcoin, making the adoption of digital currency payment option on gaming platforms a lot easier.