Indian esports organization Stalwart Esports has become the first in the country to shift away from FIAT currencies and replace them with cryptocurrency.
Moving forward, Stalwart Esports will carry out all operations in crypto as the company strives to adopt cryptocurrency and blockchain as pivotal technology in the sector.
Stalwart founder Zeyan Shafiq has confirmed that all employees and players will be paid in cryptocurrency and that the organization will shift its holdings from FIAT to crypto, including money from sponsorships, merchandise and winning tournaments.
The move is bold in the context of broader skepticism among Indian officials regarding cryptocurrencies.
India has been considering a ban on all crypto operations, which may stifle innovation. However, Shafiq believes that for an esports organization, it's easy to adapt to any regulatory changes.
“We believe crypto is the future and there’s a lot of scope for blockchain tech with esports”, Shafiq told Dot Esports. “We’re able to send the money from India to Mongolia in less than 10 minutes, so obviously less time consuming and very less or almost no fees, unlike traditional banking”, he added.
Shafiq is also maintaining high salaries for the team's PUBG Mobile outfit, with the total salaries paid out posted at $50,000 annually according to the executive.
Esports has been a growing factor in the blockchain and crypto space, so much so that crypto exchange Bybit has signed up with numerous esports teams, including Astralis and Natus Vincere.