The Web3 solution will allow Sorare’s five million registered users to pay for digital collectables using currencies such as the US dollar (USD), Euro (EUR) and British Pound Sterling (GBP).
The decision to launch Cash Wallet comes on the back of growing interest in the Web3 environment – otherwise known as the Metaverse – where consumers have been using cryptocurrency to trade in digital goods. In December 2022, digital payments firm Stripe sought to cover the gap in payment options by introducing a fiat-to-crypto onramp to facilitate payments for Web3 companies.
By adding Cash Wallet, online customers can connect their bank account to Sorare, store credit card details and deposit money in order to complete online transactions.
Nicolas Julia, CEO and co-founder at Sorare, commented: “Sorare is built using blockchain technology because we believe it can deliver unique benefits to sports fans and fantasy gamers in the form of proven authenticity, scarcity, and portability.
“However, new technologies must be accessible to all if they are to fulfil their potential”, Julia continued. “The launch of Cash Wallet is key to our goal of making Sorare as simple and user-friendly as possible for all sports fans, and we are thrilled that we can now enable Managers to build their teams and collections using real-world (or fiat) currencies for the very first time.”
Mangopay is a payments platform launched in 2013, supporting over 2,500 platforms and marketplaces. In July, the company partnered with Vestas to manage the payment flows of Covento, Vestas’ marketplace.
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Romain Mazeries, CEO at Mangopay, said: “As a frontrunner in the payment infrastructure industry, we are committed to shaping the next era of payments. Our collaboration with Sorare underscores this dedication. Sorare, an industry leader in the sports, collectables, and gaming domains, boasts an impressive growth trajectory with over five million registered users. Partnering with them not only fortifies our strategic position but also paves the way for joint advancements in payment solutions, enhancing accessibility to their innovative blockchain platform”.
