Digital currencies present the perfect medium of exchange for in-game micro-transactions, they are quick and cost-effective. Xapo recently partnered with CEVO, on of the most popular competitive online gaming platform, where gamers compete for cash prizes.
The new partnership between Xapo and CEVO, will kick-off with a $21,000 worth of bitcoin distributed via a giveaway. CEVO users will be able to try their luck by opening a “vault”, that will contain various denominations of bitcoin. The more referrals users of CEVO make, the more chances they receive to try their luck at the bitcoin vault. CEVO users can spend their bitcoin winnings through Leet, a gaming platform that allows players to participate in games with bitcoin rewards. Leet supports some of the most popular AAA titles (e.g. Counter Strike, Team Fortress 2, League of Legends). Xapo sees bitcoin, not only as the most significant innovation in digital payments, but as a way for the “unbanked” gamers to join the digital currency gaming community.
“We believe that gaming presents one of Bitcoin’s most exciting growth opportunities, as fast, inexpensive and secure bitcoin payments have the potential to open the global gaming community to players who lack access to a bank account or credit card.” – blog.xapo.com
CEVO stands for “Cyber Evolution”, and was established in 2004 with the explicit aim of transforming online gaming into a bonafide sport. Xapo has also developed new API functionalities that allow developers to integrate bitcoin support into their games. A good example of Xapo’s API work can been seen BitQuest, a Minecraft server with a bitcoin economy, where users can search for bitcoin “treasure” and compete by erecting elaborate architectural masterpieces. Minecraft is a hugely popular online game, and the integration of digital currencies creates a much more engaging user experience.
Some online casinos such as Betkurus have already integrated bitcoin support, and for good reason. Digital currencies do not carry the same fees as CC transactions, and are irreversible. Bitcoin transactions also do not have minimum/maximum limits, and can be transferred across international borders at the click of a mouse button. Bitcoin and online gaming, are made for each other.