Fortnite Not Accepting Cryptocurrency Payments

Nuno Teodoro

The Fortnite store will not be accepting Monero payments in exchange for merchandise and virtual items.

The CEO and founder of Epic Games, the gaming company that developed Fortnite, denied the involvement with cryptocurrencies on Twitter:

According to Epic Games CEO Tim Sweeney, the whole incident was “accidental” as it was actually a payment partner that enabled the Monero payments.

Several news publications over the last week, including CryptoGlobe, reported that Fortnite merchandise store was accepting payment in Monero (XMR). It all started when Riccardo Spagni, the lead maintainer of the Monero project, tweeted:

Is Epic Games Developing a Cryptocurrency in Secret?

Taking into account that there are Playstation 4 games scheduled for release that use blockchain technology, it wouldn’t be surprising that Epic Games would be looking into ways to substitute the V-bucks, the digital currency used in Fortnite, for a cryptocurrency. In fact, Tim Sweeney has already stated that Epic games is researching blockchain technology:

Sweeney further explained that many members of the Epic Games are “big fans of the decentralized computing tech underlying cryptocurrency." However, he acknowledges that a lot of work is needed, both in terms of volatility and fraud-proofing, before exposing cryptocurrencies to such a broad audience.

A PwC report from August also corroborates the narrative of a secret Fortnite cryptocurrency under development. According to the study, 84% of the companies surveyed are actively involved with blockchain technology.

Others referenced the fact that Fornite had previously activated cross-platforming by “mistake," only to become the standard afterwards. While this could just be a confidence, it could be the case that Epic Games was indeed testing the terrain.

Fortnite boasts nearly 80 million players and was mostly responsible for the $3 billion in profit reported by Epic Games.

Cardano (ADA) on Fire: Surges Above $0.10 to Get Into Top 6, Up 206% in 2020

At 16:00 UTC on Friday (July 3), shortly after IOHK, the company developing the Cardano (ADA) protocol, announced a custody agreement with Coinbase, the price of the ADA token went over $0.10 for the first time since October 2018, thereby making ADA the sixth most valuable cryptoasset by market cap.

Yesterday, on day two of the two-day "Cardano Virtual Summit: Shelley Edition", IOHK Co-Founder and CEO Charles Hoskinson announced that from Q4 of this year, Cardano blockchain users would be able to store their ADA holdings at Coinbase Custody "without losing the ability to delegate their stake."

On Tuesday (June 30), IOHK announced that the Shelley codebase had been released to Cardano’s mainnet (but note that the actual hard fork is not expected until around July 29):

Hoskinson had this to say about his company's agreement with Coinbase Custody, which "operates as a standalone, independently-capitalized business to Coinbase, Inc.":

"With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.

"This custody agreement allows us to offer the same secure storage solutions that can be found in traditional finance to ada holders, without sacrificing what makes Proof of Stake blockchains special - being able to participate in the network.

"We look forward to this partnership with Coinbase, and to continuing to bring cryptocurrencies closer and closer to mainstream adoption."

As for Sam McIngvale, Head of Product at Coinbase Custody, he said:

"We have been following the success of the Cardano incentivized testnet, with over a thousand registered stakepools during the testing period.

"We are pleased to have been selected as the custodian and we’re proud to be a full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.

"The ability to successfully operate within a regulatory framework is essential for the long-term survival of cryptocurrencies.

"We are overseen by the same regulators, and held to similar capital requirements and audit requirements as a traditional financial custodian, which removes many of the perceived barriers to global acceptance of crypto."

IOHK's announcement was made just before 14:00 UTC on Friday (July 3). By 16:00 UTC, the ADA price had broken through the $0.10 resistance level for the first time since October 2018.

Currently (as of 07:34 UTC on July 4), Cardano's token is trading at $0.1003 (up 6.94% in the past 24-hour period), which makes it the sixth most valuable cryptoasset by market cap:

24 Hour CC Chart for ADA-USD on 4 July 2020.png

So far in 2020, Cardano's ADA has gone up over 206% vs. the dollar.