Finding new use cases for Bitcoin as a payment method is a struggle. Most companies do not see merit in exploring this option now or in the future. Surprisingly, FanDuel is one of the service providers willing to take a chance. The company confirmed Bitcoin payments will go live very soon. Payments will be processed using BitPay, which remains the world’s largest cryptocurrency payments provider.
FanDuel x Bitcoin
Fantasy league sports have become immensely popular in recent years. Numerous sports genres can benefit from these leagues to engage their audience in a completely different manner. FanDuel is a well-known and well-respected service which caters to its sports fans all over the world. Until now, the company didn’t offer too much choice in terms of making payments for one’s team and leagues. That situation has now come to change with the acceptance of Bitcoin.
The decision to integrate cryptocurrency payments comes at an interesting time. The NFL season is about to kick off this week. Furthermore, the NBA and NHL seasons are not too far behind either. As these leagues kick off again, players from all over the world will gladly challenge friends and co-workers through their fantasy teams. This is why sites such as FanDuel have made a meaningful impact on the sports industry. Combined with the prizes one can win, there are plenty of incentives to take note of.
Integrating Bitcoin payments into FanDuel is done via BitPay. Users will be able to rely on this service to deposit Bitcoin from any computer or mobile device. First-time customers who deposit $10,000 or more can receive up to $2,000 in bonus deposits. Users who deposit the world’s leading cryptocurrency will not pay any fee for doing so. For BitPay, this new partnership is a major feather in its cap. In recent years, the company has had its fair share of struggles to onboard new partners of this caliber.
BitPay CCO Sonny Singh adds:
“NFL Football is one of the most popular sporting events to watch and the start of the football season makes it a perfect time to introduce Bitcoin to these fans. “We wanted to have the option in place for Bitcoin users to deposit cryptocurrency into their FanDuel accounts and take advantage of the daily fantasy sports games.”
Another interesting feature is how FanDuel VIP Clients will not suffer from Bitcoin’s price volatility. Instead, they will make a BTC deposit and have BitPay “maintain” the value for the duration of processing the payment. It is a feature which may entice more users to experiment with this new payment option moving forward. Bitcoin is designed to be used as a currency first and foremost. Sadly, it has turned into a speculative asset rather than being actively used.
The addition of FanDuel to the number of service providers accepting Bitcoin is significant. It is one of the most renowned services in the fantasy sports league industry. Whether the service can bring more positive attention to cryptocurrencies, is difficult to predict. Bitcoin and altcoins have a very bad reputation for quite some time now. The acceptance of this payment method by a major player will not change the public’s opinion overnight.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
Image(s): Shutterstock.com
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