Stalwart Esports is all set to use cryptocurrency for paying salaries to its employees, as well as, in the balance sheet. The Indian esports organization has fully migrated from cash to digital currency in their balance sheet, according to its recent press release. Stalwart told that the step has made it the maiden esports company to formally embrace Blockchain technology and cryptocurrency.
The founder clears his organization’s move
Zeyan Shafiq, who is the founder of this organization, told Dot Esports that it will be paying all its players and staff in cryptocurrency. It is a significant move considering that the decision coincided with the government of India contemplating a ban on digital currencies. However, the founder sounded confident about his organization’s step to migrate to cryptocurrency.
Shafiq stated that they feel the digital currency is the future and there is tremendous scope for Blockchain technology with esports. He also added that another significant reason for the new move is that his company will be introducing a fan crypto token this year. The supporters of the organization can use the token to trade and purchase.
He also discussed some other merits of shifting to digital currency. Shafiq told that it will be possible to transfer money from India to Mongolia within just 10 minutes. Thus, money transfers will have negligible or fewer fees and very fast, contrary to traditional banking.
The founder was also asked whether his athletes and employees had a choice to accept their payments in fiat currency or not. He responded that they were all interested to accept their due amount in digital currency because of “less time consumption.”