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Esports and Banking? Introducing Zytara

Between prize pools and huge signing bonuses, the concept of making money and gaming have long had a connection. However, with the costs of equipment, setups, and the games themselves, the esports and gaming industry is also one in which consumers are likely to spend a lot of money. Now, thanks to the FinTech company Zytara, gamers will be able to increase their financial literacy with a new digital banking platform and payment network.

Zytara
Image Courtesy of Zytara

Between prize pools and huge signing bonuses, the concept of making money and gaming have long had a connection. However, with the costs of equipment, setups, and the games themselves, the esports and gaming industry is also one in which consumers are likely to spend a lot of money. Now, thanks to the FinTech company Zytara, gamers will be able to increase their financial literacy with a new digital banking platform and payment network.

FinTech, or ‘Financial Technology,’ has increasingly become a normal part of everyday life for most people. If you’ve ever venmo-d a friend pizza money or used zelle to send your roommate funds for your share of the utilities, you’ve used FinTech. While it’s become quite clear—considering the market value of the industry—that there’s big money in esports and gaming, the industry’s connection to the world of finance might not be so obvious. Making that connection more apparent is just one aspect of what Zytara intends to do. 

According to coverage from The Esports Observer, Zytara’s “mission is to facilitate financial inclusion and literacy among gaming and esports enthusiasts.” According to numbers from data compiled by Statista.com, the majority of gamers (38%) fall between the ages of 18 and 34, with a significant portion (21%) consisting of gamers aged 17 and younger. This demographic, more than their older counterparts, could definitely make use of ‘financial literacy’ resources. A piece from NerdWallet.Com entitled Age, Gender, and Financial Literacy noted that, in terms of  “financial status, needs and knowledge, [there are] stark differences in respondents’ financial confidence and security, along… generational lines.” According to their study, “ The biggest differences in financial literacy between age groups is unsurprisingly between millennials — ages 18 to 34 — who were the youngest Americans surveyed.” It’s clear that between the age demographics that make up gamers and folks in need of financial literacy, Zytara has the right idea. 

Image Courtesy of Zytara

As the Esports Observe piece mentions, Zytara is intended to launch in early 2021. Aside from “working with bank partners to offer several banking products and services, including a checking and savings account, a virtual and physical debit card, and access to investing tools,” Zytara will also offer a number of features that are intended to appeal to gamers specifically. Such features include “limited-edition branded cards, integrated automated payments for online gaming tournaments, player-to-player (P2P) transfers, and easy-to-use parental controls.”

Considering their alliance with Moritz Baier-Lentz, Partner of BITKRAFT Ventures, it should come as no surprise that Zytara has such specific insight into what gamers might find appealing. BITKRAFT Ventures is, according to Zytara’s website, a “globally leading early-stage investment platform for gaming, esports, and interactive media.” As for Baier-Lentz himself, he has experience building and co-leading “global gaming and esports practice” at the Investment Banking Division of Goldman Sachs and is “a former #1 ranked esports player of Diablo II.”

As 2020 continues to wind its way down to its hotly-anticipated conclusion, Zytara is just one more thing to look forward to. For gamers who may be looking to learn more about their finances while gaining control of their fiscal responsibilities in the new year, Zytara’s pending debut is definitely going to be something to keep an eye out for.

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