DraftKings Introduces Plan to Accept Cryptocurrency Payments

Businesses around the globe have begun introducing Bitcoin payments in recent months. Such a move aims to integrate more transaction options and reduce global money transfer challenges.

Meanwhile, DraftKings is among the multiple institutional brands interested in crypto, non-fungible tokens, and blockchain technology.

DraftKing is a recognizable fantasy sports and sports betting company. The firm joined the crypto world with NFTs and wants to explore cryptocurrency payments. Indeed, digital tokens have received impressive acceptance within the past couple of years.

Block, a payments startup, had its executive believing BTC could disrupt existing traditional payment gateways. That is due to the rapid increase in the Lightning Network usage.

DraftKings & the Crypto World

The publicly-listed sports betting and fantasy sports company DraftKings dipped its legs into the crypto ocean, particularly non-fungible tokens. DraftKings launched an NFT market in July, and it’s the only place enthusiasts can access Tom Brady’s Autograph NFTs.

Moreover, fantasy game winners received CryptoPunk giveaways. Furthermore, the firm’s three co-founders wore CryptoPunk shirts during June’s Nasdaq opening.

Is adopting crypto payments the imminent move for the company? DraftKings’ executive Jason Robins authorizes such claims. DraftKings appear prepared to offer BTC payment options less than one year after introducing an NFT marketplace.

The new functionality will allow individuals to use Bitcoin when wagering on games. Moreover, they can complete payments on the application using BTC.

However, it won’t be a smooth trip, with Robins recognizing impending regulatory hindrances. He trusts regulatory challenges will translate to hurdles for the business. While most US jurisdictions regulate, accept, and legalize sports betting, many disapprove crypto payments.

Robins compare the current crypto status to Internet’s early phase. The only distinguishing factor is rampant fraud and multifaceted interfaces that challenge non-technical users.

Increasing Crypto Payments Adoption

SMBs in various countries eye the digital currency concept as they adopt the technology. For instance, SMBs in Brazil, the US, UAE, Singapore, Russia, Ireland, Canada, Hong Kong, and Germany will experiment with crypto payments in 2022.

Also, VISA research revealed that 24% of SMBs are interested in digital assets such as BTC.

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