Gaming Platform Steam Now Accepts Bitcoin Payments

Rage Review : Valve's gaming and digital media platform Steam now allows Bitcoin payments through BitPay, a processing service. BitPay said the reason for its partnership with Valve is that the company wants to develop more payment options, although the world's choice of payment methods is still limited. BitPay and Valve want to find a fast, cross-border payment method for Steam users in emerging gaming markets such as India, China and Brazil.

Translation: Nicole

Long-rumored rumors have been confirmed: gaming and digital media platform Steam now allows payments in Bitcoin via processing service BitPay.

Today’s announcement confirms earlier reports that Valve, the company that operates Steam, is adding the digital currency as an optional payment method. Steam reportedly told its developer community in its latest update that the platform is ready to accept Bitcoin payments.

According to self-reported data from Steam, the platform attracts millions of users every day, and the user base attracted by the platform is very interested in new technologies. Previous reports indicate that the platform's game and digital media markets have a monthly revenue of hundreds of millions of dollars.

In a blog post announcing the rumor, BitPay said the reason for the partnership with Valve was that the company wanted to develop more payment options, even though the current world has limited options for payment methods.

BitPay said:

"Valve approached us because we were looking for a fast, cross-border payment method for Steam users in emerging gaming markets such as India, China, and Brazil. As more and more users in these countries are paying online, traditional credit card payment methods are no longer sufficient."

Steam did not immediately respond to comment.