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Cryptocurrency payments have been in high demand over the past year, and companies that want to attract more crypto businesses have been forced to roll out these services for their clients. DraftKings, a publicly-traded fantasy sports and sports betting firm, has announced several crypto-related initiatives over the past year. The company’s focus has been on non-fungible tokens (NFTs).
DraftKings could soon accept crypto payments
DraftKings unveiled an NFT marketplace in July. This marketplace is used to host NFTs from the Tom Brady Autograph collection. The company also promotes NFTs in its content, and it had offered a CryptoPunk NFT as the reward for a fantasy contest.
In June, the company’s three co-founders adorned CryptoPunk T-shirts to sound the opening bell on Nasdaq. Such actions have seen the company be associated with some of the most reputable NFT projects.
The CEO of DraftKings, Jason Robins, said that accepting cryptocurrency payments for betting and fantasy contests would be within the company’s upcoming roadmap. Robins has also said that such a move was likely.
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During an interview, he said that people certainly wanted to have crypto as a payment method. “Certainly within the marketplace, we should be able to do that. So we’re working towards it.”
Challenges with accepting crypto payments
Robins was also quick to point to the challenges of accepting cryptocurrencies as a payment method. He said that companies such as DraftKings operated under a mixed regulatory landscape where legalities were different between states.
In the US, states are allowed to legalize sports betting, and so far, 30 states have done so. However, the regulatory framework in these states tends to differ. “Different products in different states might be more likely to be doable earlier, and some may be out of control,” Robins added.
Robins also said that the company would be cautious because the crypto space is still fairly new. He noted that protections in the crypto space were scarce and needed because they were important.
“We feel like in order to introduce something like that to our platform, we need to go a little bit beyond maybe where some others in the market have gone because there’s an expectation from our customer that we do so,” Robins added. He also said that the crypto industry needed some level of centralization to be accommodative toward new people.
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