Esports tournament organiser and platform FACEIT has announced a partnership with cryptocurrency fintech platform Cake DeFi.
FACEIT and Cake DeFi shared that this is a ‘multi-million dollar’ agreement, however, exact figures of the deal have not been revealed.
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According to the release, the agreement will help players earn cryptocurrency rewards for participating in FACEIT matches. Moreover, Cake DeFi will organise challenges and tournaments with FACEIT.
This is the first time Cake DeFi has entered the esports and gaming industries. The deal will allow the company to gain access to users of the FACEIT platform.
Cake DeFi is a noted player in the crypto industry. The company provides users with access to DeFi (decentralised finance) services such as staking and lending. Cake DeFi is also known for its rewards programme, which pays out crypto to users. This strategy is expected to be heavily incorporated into the FACEIT partnership as well.
Julian Hosp, CEO and Co-Founder of Cake DeFi, commented: “Gamers have a natural affinity with crypto and they can now join us on the DeFi movement. Cake DeFi’s partnership with FACEIT will allow players to earn crypto while they game, and further earn returns on their crypto through our platform. In 2021, we paid out $230m in rewards to our customers. So it’s a win-win-win for FACEIT gamers.”
Cake DeFi announced that the company plans to pay more than half a million dollars to FACEIT users for completing in-game challenges and various activities in 2022. This will be made possible, according to the company, by a series of ‘missions’. These missions will involve in-game tasks and challenges for players.
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Cake DeFi and FACEIT will also host Cake DeFi Weekly Tournaments and reward the best players with crypto rewards.
Michele Attisani, Co-Founder & CBO of FACEIT added: “The FACEIT platform is home to the largest community of competitive gamers, which means we have a unique understanding of this audience. Our users are incredibly forward-thinking and educated when it comes to crypto, so the partnership we chose had to bring tangible and substantial value to be of interest.”
Esports Insider says: This is a very large partnership for both parties, but given the stigma that follows the implementation of cryptocurrencies into esports, both FACEIT and Cake will have to play their cards right in this situation. If they do, this could be a monumental crypto intergation.