Saturday, January 23, 2021

XRP Becomes a Payment Method for Professional Gamers in the Japanese E-Sports Industry

SBI Holdings, a financial services company group based in Tokyo, Japan, has sealed a new sponsorship deal between two of its notable allies, which pushed the Ripple’s digital token XRP to the forefront in the Japanese e-Sports industry.

These two subsidiaries are SBI e-Sports and VC Trade. Through this new deal, professional e-sports gamers can now receive payments in XRP.

In 2019, the e-sports market revenue was estimated at over 6 billion Japanese Yen worth $56.7 million. According to data shared by Statista, this estimated revenue should have grown to over $15 billion Yen worth around $142 million by 2023.

Similarly, going by a report released by Green Man Gaming in 2019, the industry is expected to attract nearly $645 million from various platforms in 2020.

The report added that the annual revenue of the e-sports industry has grown beyond $1 billion and it’s predicted to stay around $2.3 billion in 2022.

Read Also: XRP Is a Clear Leader in the Cross-Border Payment Industry –Morgan Stanley Veteran

SBI Holdings Joined E-Sports Business in June 2020

Back in June 2020, the financial services company group, SBI Holdings, joined the e-Sports business, with the founding of SBI e-Sports to field professional e-Sports teams, provide services such as e-Sporting consultation and e-Sports media management.

SBI Holdings had stated during the launch that SBI e-Sports will secure necessary partnerships with companies based in Japan and overseas to enhance the recognition of the services provided by the company as the world advances digitally.

XRP Is Expanding to Reach New Users

Expectedly, this new deal secured by SBI Holdings will boost the reach of XRP both directly and indirectly. Many will have the opportunity to learn about the utility embedded in the fourth largest digital currency by market capitalization.

Read Also: XRP Ledger Foundation Spokesman Refutes Rumors of Ripple Retracting from Investing in XRP Ledger

Certainly, the mainstream adoption of cryptocurrency will not come at once, but gradually as its use cases become a payment solution for millions of people across the world.

Back in 2018, XRP was the most popular cryptocurrency in the Japanese crypto market, dominating the market with 51.36% compared to Bitcoin’s 34.57%. But in a survey conducted in June 2020, Bitcoin is now leading at 51.74% compared to XRP at 27.54%. So, developments such as this are expected to keep boosting XRP popularity in Japan and beyond.

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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