Did Live Streaming Video Platform Twitch.tv Abandon Cryptocurrency Payments Without Notice?
In a bizarre turn of events, Twitch.tv, a live streaming video platform popular to gamers, seems to have stopped cryptocurrency payments and donations options. The company boasts over 15 million daily visits to the site and 2.2 million accounts created on the site. The actual cause to stop crypto payments is unknown but most of the users point towards low volumes of use on the exchange.
Twitch Removes Cryptocurrency Payments And Donations On The Platform
Twitch.tv announced mid-last year the addition of cryptocurrency payments on the platform including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Ripple (XRP) gained acceptance in the later part of the year as the XRP community pushed for the move. The Twitch-crypto bond looked even better as a Twitch user received 20 BTC ($70,000 USD) as a donation leading to hope for more adoption on the live streaming platform.
Twitch options to make payments and donations through cryptocurrencies includes direct wallet transfers and connecting your Coinbase accounts, which both are no longer available. The move is likely to be heavily influenced by the low amounts of crypto used to make payments on the platform. Some of the redditors actually did not know such an option exists which further offers clarity on why Twitch abandoned cryptocurrencies.
StreamLabs Abandons Cryptocurrency Payments Too?
A close payment provider to Twitch, StreamLabs, which provides streamers on various platforms with a full suite of software to help them manage content, live feeds, and donations also canceled their crypto payments. This is a huge blow to cryptocurrency global adoption that would benefit from Twitch’s partnership.
While the low volumes may explain part of the removal of crypto payments, the use of third-party payment processors may also present challenges.
We have reached out to Twitch and StreamLabs for comments but no response has been received as at the time of writing.