Streaming service and popular video platform for gamers, Twitch, has removed cryptocurrency as a payment option for subscriptions. Owned by Amazon, Twitch stopped the payments without any notice, allegedly the blame is due to a low volume of transactions. The company themselves have said nothing, but according to a Reddit post, Twitch silently removed the cryptocurrency preference.
“They had an option to pay through BitPay. They removed it in the last couple of weeks as a payment method for all countries. Negative adoption strikes again unfortunately”.
Twitch removed the option to pay through BitPay at some stage over the past couple of weeks. They previously accepted Bitcoin as a payment method for subscriptions with the Bitcoin logo displayed in a tweet last year.
Last year, Streamlabs, who create software that allows users on Twitch to accept tips, added support for cryptocurrencies. But earlier this month, another Reddit user noticed that they have removed their support. According to the user, a new version of the software no longer contains support for crypto donations.
“Before, it was possible to link a coinbase-account with streamlabs to receive crypto-donations via streamlabs. With the new design, they have launched some days ago, they have removed crypto donations,” the Reddit user posted.
Mass Adoption Of Crypto As Payment Service Could Be A Long Way Off
Twitch isn’t the only one that has doubts when it comes to adopting crypto as a payment method. Earlier in March, Citibank revealed that they were scrapping plans to create their own digital currency. The company decided that while the technology had potential, there were more immediate ways to improve payments.
“Based on our learnings from that experiment, we actually decided to make meaningful improvements in the existing rails by leveraging the payments ecosystem, and within that ecosystem, we are considering the FinTechs or the regulators around the world as well, including Swift,” said Gulru Atak, innovation lab chief. Citi is not abandoning blockchain technology altogether and continue to explore its use in trade finance.
Coinbase Chief Executive Brian Armstrong said last year that although real-world adoption is increasing, it will be a long time before cryptocurrency is adopted by people as a payment method. In comments to Bloomberg at the Bloomberg Player’s Technology Summit in California, he said: “I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto”.
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