XRP to Become Part of Japanese Exploding E-sports Industry

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Wed, 09/30/2020 - 14:40
Alex Dovbnya
SBI Holdings thrusts XRP to the forefront of Japanese e-sports gaming industry
XRP to Become Part of Japanese Exploding E-sports Industry
Cover image via stock.adobe.com
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SBI e-Sports, a subsidiary of Japanese financial services behemoth SBI Group, has signed a sponsorship deal with the company's venture capital arm VC Trade, according to a Sept. 30 announcement.

The sponsorship will make it possible for professional e-sports players to receive their annual salary in XRP, the world's fourth-largest cryptocurrency by market capitalization.

Targeting the digitally-minded individual

SBI Holdings made a foray into Japan's burgeoning e-sports gaming scene by launching SBI e-Sports in July.

The global audiences of e-sports platforms are expected to reach $645 mln in 2020, according to 2019 research published by Green Man Gaming. The entire industry already surpassed a staggering $1 bln in annual revenue last year, and this figure was predicted to skyrocketed to $2.3 bln by 2022.

SBI e-Sports is responsible for fielding professional teams, coordinating e-sports media and providing consulting for the industry. It also set out to help local governments revive their economies by attracting e-sports events.

With this effort, SBI Holdings plans to boost its brand recognition with digitally-minded individuals.

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XRP and gaming

While the decision to pay its players salaries in XRP may sound unorthodox, it is worth noting that SBI Holdings has been a long-time partner of Ripple. Back in 2016, it created the SBI Ripple Asia subsidiary.

Ripple itself dipped its toes into the gaming industry last year. As reported by U.Today, blockchain-focused gaming company Forte formed a $100 fund together with Ripple's investment arm Xpring last year.

By leveraging Interledger and XRP, Forte was attempting to form more successful gaming economies.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.