Gaming Platform Steam Now Accepting Bitcoin

Confirming a long-rumored move, gaming and digital media platform Steam is now accepting bitcoin payments through processing service BitPay.

The announcement today confirms earlier reports that Valve, the company that operates Steam, had sought to add the digital currency as a payment option. Steam was said to have told its developer community in a recent update that it was moving to accept bitcoin.

The platform draws millions of users on a daily basis, according to Steam's self-reported statistics, and as a platform attracts an engaged and tech-friendly user base. Past reporting indicates that the platform sees hundreds of millions of dollars in monthly revenue for its diverse games and digital media marketplace.

In a blog post announcing the move, BitPay said that it was approached by Valve because the company was seeking payment options in less accessible areas of the world.

BitPay said:

"Valve reached out to us because they were looking for a fast, international payment method for Steam users in emerging gaming markets in countries like India, China, and Brazil. While more users are coming online in in these countries, traditional payment options like credit cards often aren't available."

Steam did not immediately respond to requests for comment.

Image Credit: g0d4ather / Shutterstock.com

Disclaimer: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BitPay.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Stan Higgins

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.