Popular Twitch streaming app Streamlabs will now allow users to tip streamers using cryptocurrency, the company announced on Friday.
The service, which allows live stream operators to accept donations from their fans, has already integrated the functionality, enabling streamers to accept cryptocurrency tips immediately.
Streamlabs will use Coinbase as its payment processor, so streamers will need to connect the service to their Coinbase accounts. After streamers have linked their accounts, viewers will automatically have the option to tip using cryptocurrency.
The service will initially support bitcoin, ethereum, litecoin, and bitcoin cash — the four cryptocurrencies currently available on the Coinbase platform. However, Streamlabs said that it “will be looking into adding other coins in the future.”
Streamers do not have to pay a fee to use the service, but they will incur transaction fees if they decide to sell the coins for fiat on Coinbase.
According to data from Newzoo, Twitch users streamed more than 2 billion hours during the first four months of 2018. Approximately 15 percent of Twitch streams are now created using Streamlabs OBS, the company’s recently-released professional streaming app.
Streamlabs also supports other less popular streaming platforms, including YouTube, Mixer, Facebook LIve, Periscope, and Picarto. The company says that it paid out more than $34 million in tips during Q1.
Twitch — which is now owned by Amazon — has itself long been friendly to cryptocurrency, and the platform has accepted bitcoin payments for subscriptions since 2014.
As CCN.com reported, Twitch has also entered into a two-year agreement with the Fan Controlled Football League (FCFL) — the first initial coin offering (ICO) listed on Indiegogo’s nascent ICO crowdfunding platform — to stream FCFL games live.
Twitch streamers can also accept cryptocurrency donations by registering as verified publishers on crypto-powered web browser Brave.
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Last modified: May 20, 2020 8:42 PM UTC