Crytek, the German studio behind the PC-melting Crysis games and the original Far Cry, has teamed up with a startup named Crycash to create a cryptocurrency geared towards gamers.
Crycash will begin taking investments on December 12 from companies interested in a soon-to-be-distributed gamer cryptocurrency. According to the company, the currency would be used for a variety of things such as payouts for advertising or in-game task completion. The company also intends to create a social platform centered around the currency to encourage growth.
Crycash CEO Wachtang Budagaschwili told VentureBeat in an interview that they also hope to use the currency for eSports and gaming tournaments. For Crytek their intention is to implement the Crycash platform into the CryEngine marketplace, where users can pay for various in-game items and developers can use it to advertise their games.
“I’ve been in the payments industry for six years trying to solve monetization issues for games, and that led to the Crycash idea,” Budagaschwili said. “We think this will help game developers solve problems like user acquisition and help gamers. We’re glad that we have been able to partner with Crytek as our first customer.”
For those of you who are economics nerds or cryptocurrency thinkers, you can read the entire white paper of Crycash's mission here. We here at Too Much Gaming are genuinely interested to hear from gamers who are more into the cryptocurrency world than we are.
In any case, this is an interesting development as it comes hot on the heels of an Valve's announcement that the Steam store would be pulling support for Bitcoin, due to volatility.