This business opportunity exists because prize pools for esports are expected to surpass $300 million in 2019, but paying winners is harder than it should be, given the complicated rules for international payments and rules for fighting money laundering.
Prize Payments has developed specialty knowledge and an end-to-end solution that bigger payment companies such as Paypal haven’t built yet, Park said.
Park formerly served as an esports executive at ESL, where he developed an appreciation for the problem.
“All you have to do is Google esports prize payments and you’ll see what a problem it is,” Park said.
You’re excited and everyone is hyped.
Prize Payments can handle 115 currencies across 180 countries whilst ensuring each payment is compliant with taxation and Europe’s privacy law, the General Data Protection Regulation (GDPR) requirements in each country.