Digital games marketplace Kinguin.net has revealed that it will now be enabling pay-outs in bitcoin. With over 25,000 products available and more than 3 million customers, Kinguin partnered with BitPay in October 2015, allowing Kinguin customers to use bitcoin to pay for purchases on Kinguin.net. Since the addition of the bitcoin option, Kinguin noted a significant number of people choosing the digital currency as their main payment method; this has led in part to the decision to expand the cryptocurrency option to grant bitcoin pay-outs to users.
Faheem Bakshi, Kinguin’s Vice President for Global Expansion, noted: “We have noticed a demand from our merchants for paying out with bitcoin. Having the option to pay out with bitcoins is a great opportunity to attract more merchants selling digital products on Kinguin. It allows users of Kinguin’s platform to buy and sell video games in even more new ways”
As bitcoin has proven to be the most convenient global payment method, Kinguin has decided to expand its business to keep pace with the technology. The new pay-out option allows merchants to withdraw their funds quickly and easily. Transferring funds to multiple international recipients in single pay-out batches reduces the cost and processing time of pay-out methods.
BitPay’s EMEA General Manager, Marcel Roelants commented: “Bitcoin gives online marketplace businesses a simpler, faster and less expensive way to pay their international sellers. Gaming marketplaces like Kinguin clearly show the advantages of Bitcoin pay-outs.”