Cryptocurrency payments have been in excessive demand over the previous yr, and corporations that need to entice extra crypto companies have been compelled to roll out these companies for their purchasers. DraftKings, a publicly-traded fantasy sports activities and sports activities betting agency, has introduced a number of crypto-related initiatives over the previous yr. The firm’s focus has been on non-fungible tokens (NFTs).
DraftKings might quickly settle for crypto payments
DraftKings unveiled an NFT market in July. This market is used to host NFTs from the Tom Brady Autograph assortment. The firm additionally promotes NFTs in its content material, and it had provided a CryptoPunk NFT because the reward for a fantasy contest.
In June, the corporate’s three co-founders adorned CryptoPunk T-shirts to sound the opening bell on Nasdaq. Such actions have seen the corporate be related to among the most respected NFT initiatives.
The CEO of DraftKings, Jason Robins, stated that accepting cryptocurrency payments for betting and fantasy contests could be throughout the firm’s upcoming roadmap. Robins has additionally stated that such a transfer was possible.
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During an interview, he stated that individuals definitely needed to have crypto as a fee technique. “Certainly within the marketplace, we should be able to do that. So we’re working towards it.”
Challenges with accepting crypto payments
Robins was additionally fast to level to the challenges of accepting cryptocurrencies as a fee technique. He stated that corporations comparable to DraftKings operated below a blended regulatory panorama the place legalities have been completely different between states.
In the US, states are allowed to legalize sports activities betting, and up to now, 30 states have performed so. However, the regulatory framework in these states tends to differ. “Different products in different states might be more likely to be doable earlier, and some may be out of control,” Robins added.
Robins additionally stated that the corporate could be cautious as a result of the crypto house is nonetheless pretty new. He famous that protections within the crypto house have been scarce and wanted as a result of they have been essential.
“We feel like in order to introduce something like that to our platform, we need to go a little bit beyond maybe where some others in the market have gone because there’s an expectation from our customer that we do so,” Robins added. He additionally stated that the crypto trade wanted some degree of centralization to be accommodative towards new individuals.
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Cryptoassets are a extremely unstable unregulated funding product. No UK or EU investor safety.
