Live streaming video platform Twitch’s app developer Streamlabs has added functionality for streamers to accept tips using cryptocurrency. The company made this announcement via its blog written by its owner Tom Maneri.
Streamlabs will use Coinbase as its payment processor and will initially add support to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash with the scope of adding further coins in future
Streamlabs love for cryptos
Streamlabs had already built in live stream operators to accept donations using cryptocurrency previously and now with the addition of cryptocurrency based tips has strengthened its support to cryptocurrencies.
Streamers, for using cryptocurrency based tips will not have to pay any fee, but they will incur transaction fees if they choose to trade the coins for fiat on Coinbase.
Streamlabs had announced that it had remunerated more than $34 million in tips during Q1. This not only included tips on Twitch but also other not so popular platforms where it lends supports including YouTube, Mixer, Facebook LIve, Periscope Picarto etc.
Gamers: A potentially large crypto userbase
Twitch is one of the largest platforms for gamers, where users streamed more than 2 billion hours during the first four months of 2018 and approximately 15 percent of Twitch streams were created using Streamlabs OBS. With the acceptance of Cryptocurrencies, Twitch and Streamlabs will further be able to add a large userbase for cryptocurrencies. Twitch, an Amazon Subsidiary, has previously added a lot of players to using cryptocurrency when it had started accepting Bitcoin payments for subscriptions in 2014.
Twitch had always been a great friend of cryptocurrencies with time and again the addition of services that allow cryptocurrency payments. It is also reported that Twitch signed a two-year contract with the Fan Controlled Football League (FCFL) — the first initial coin offering (ICO) listed on Indiegogo’s new ICO crowdfunding platform — to stream FCFL games live.
Twitch streamers can also receive cryptocurrency donations by registering as verified publishers on crypto-powered web browser Brave.