A Brief Overview: Instant Cashout Capabilities
This week I would like to discuss one of our secret sauces, Instant Cashout. This is a small piece to the ProLeague platform but provides so much value to our users that we can not ignore it. It would be irresponsible of us not to implement this with what is available thanks to the latest technology.
Within the last 10 years or so, Esports has evolved into something bigger than people had ever imagined. As the industry continues to grow, we are bound to have bad actors in the space. Among other things, these bad actors range from teams with predatory contract tactics to event organizers who don’t pay out prize pools to winners.
Here are some excerpts I found from a recently published article titled “Inside ‘contract hell’: Esports players say predatory contracts run ‘rampant’”
“The offers — most of them low paying, according to Tsang — sought to lock players into a contract with one team, which would then flip the player to one of the new Overwatch League franchises for a profit. Additionally, many of these offers came with an expiration date. Tsang and his teammates were given just hours to sign or the offer would be rescinded. Tsang, a former player on Cloud 9′s Overwatch League team, the London Spitfire, described the tactics used by teams to pressure players into signing as “pretty scummy.” Jackrabbit contract offers and other forms of chicanery have not stopped in the years since 2016.”
“Unlike other major sports leagues like Major League Baseball or the National Football League, no independent player unions or associations exist within major U.S. Esports leagues to collectively negotiate for players’ rights. There has been little done to deter Esports organizations from questionable practices around signing and handling players.”
So let’s dive in…
Many of the mainstream gaming platforms such as Faceit, ESEA, and Battlefy do not have instant cashout capabilities. This can be a major issue for semi-professional players or casual gamers. We understand that and we want to create a better competitive experience by providing our users with a feature enriched digital wallet. Within this digital wallet, a user will be able to tip people, send and receive funds, hold multiple assets, cash out instantly directly to a bank account, and more.
We solve many current industry issues with this feature. By providing instant cashout features on our platform, we allow our users to instantly profit from NFT sales, winning, earning from achievements or tips, and more. People will no longer have to wait 30 to 90 days per their contract with the tournament or league organizers to get paid. Players will be able to cash out the day they win an event.
In order for us to provide this service, users will have to do some form of KYC with our on-chain partners after hitting a certain threshold. Our users will also have to have a working bank account that is attached to their debit card.
Why is this important for the industry?
With the latest technologies implemented onto the ProLeague platform, we aim to finally solve the industry issue for late payouts or no payments at all. Our users will no longer have to use any third-party services such as PayPal, Cash App, or Venmo. They’ll be able to track their payments from Point A to Point B without worrying if it’s coming or not.
We will be able to deter many bad actors by providing these automated solutions for our gamers! This is something other platforms do not currently offer! We want to give you peace of mind so you can focus on what’s important … Gaming & Winning!
That is all I have for this week, gamers! Talk soon!