Subscribe to our News & Services <br> Subscribe to our News & Services <br> FM ALL News <br> FM Crypto <br> Follow us on Twitter <br> Follow us on Linkedin <br><time>Monday, 21/02/2022 | 07:20 GMT-0</time> by <a href="/author/nicholas-otieno/" rel="follow noopener" target="_self" data-v-247ba289> Nicholas Otieno </a><br>Nerd Street Gamers, a national esports platform based in Philadelphia, announced a partnership with FTX US, a major US-regulated crypto exchange on Thursday. As part of the deal, FTX US will sponsor the forthcoming Nerd Street Championships this summer as well as Nerd Street's national schedule of weekly community events at their nine owned-and-operated esports venues.<br>According to the report, FTX US will power Nerd Street's ability to accept cryptocurrency <span data-ref="term-wrapper" class="term__wrapper" data-v-2c67a6d3 data-v-4728648d> <span class="term__term-title-container" data-v-2c67a6d3><span class="term__term-title" data-v-2c67a6d3> payments </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-2c67a6d3><span class="display-block" data-v-2c67a6d3><a href="/terms/p/payments/" rel="follow noopener" target="_blank" class="term__pop-up" style="width:0;right:0;z-index:1;" data-v-2c67a6d3><i class="close-icon term__close-icon" data-v-2c67a6d3></i> <span class="text-body bold display-block" data-v-2c67a6d3> Payments </span> <span class="dots__wrapper term__description" data-v-c02f1b78 data-v-2c67a6d3><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78> One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. </span> <span class="dots__actual-content" data-v-c02f1b78> One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. </span> <!----></span> <span class="text-caption blue term__link" data-v-2c67a6d3>Read this Term</span></a></span></span></span>, provide crypto payouts to its players, employees, partners and fans, as well as empower additional future <span data-ref="term-wrapper" class="term__wrapper" data-v-2c67a6d3 data-v-4728648d> <span class="term__term-title-container" data-v-2c67a6d3><span class="term__term-title" data-v-2c67a6d3> blockchain </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-2c67a6d3><span class="display-block" data-v-2c67a6d3><a href="/terms/b/blockchain/" rel="follow noopener" target="_blank" class="term__pop-up" style="width:0;right:0;z-index:1;" data-v-2c67a6d3><i class="close-icon term__close-icon" data-v-2c67a6d3></i> <span class="text-body bold display-block" data-v-2c67a6d3> Blockchain </span> <span class="dots__wrapper term__description" data-v-c02f1b78 data-v-2c67a6d3><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78> Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. </span> <span class="dots__actual-content" data-v-c02f1b78> Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. </span> <!----></span> <span class="text-caption blue term__link" data-v-2c67a6d3>Read this Term</span></a></span></span></span>-related features.<br>In contrast, Nerd Street will give exposure to FTX by leveraging its live broadcasts, digital tournaments and in-person events to provide educational content surrounding blockchain technology and FTX’s business activities aimed to benefit general users, including gamers. <br>Brett Harrison, the President of FTX, said: "FTX US has a strong focus on making sure our industry, crypto, is a safe accessible place for all types of people. That's why as a gamer and esports fan I'm proud to support Nerd Street's mission to likewise bring esports to everyone. Their platform is unlocking a massively untapped market of gamers that want to participate but lack access, and we're excited to support their growth."<br>Meanwhile, John Fazio, the CEO and Founder of Nerd Street Gamers, added: "Every time a new paradigm in technology opens up, the internet, web browsers, mobile phones, or social networks, there is always a lot of noise, and the majority fails to sustain beyond the initial hype. With blockchain, it's been no different. Our partnership with FTX US is focused on arming our gamers with context and knowledge to cut through the noise of getting rich quick schemes and see the real value of this new technology. Through our partnership with FTX US, we'll begin rolling out blockchain enhanced features that provide value without cost to our members."<br>Nerd Street Gamers, a national esports platform based in Philadelphia, announced a partnership with FTX US, a major US-regulated crypto exchange on Thursday. As part of the deal, FTX US will sponsor the forthcoming Nerd Street Championships this summer as well as Nerd Street's national schedule of weekly community events at their nine owned-and-operated esports venues.<br>According to the report, FTX US will power Nerd Street's ability to accept cryptocurrency <span data-ref="term-wrapper" class="term__wrapper" data-v-2c67a6d3 data-v-4728648d> <span class="term__term-title-container" data-v-2c67a6d3><span class="term__term-title" data-v-2c67a6d3> payments </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-2c67a6d3><span class="display-block" data-v-2c67a6d3><a href="/terms/p/payments/" rel="follow noopener" target="_blank" class="term__pop-up" style="width:0;right:0;z-index:1;" data-v-2c67a6d3><i class="close-icon term__close-icon" data-v-2c67a6d3></i> <span class="text-body bold display-block" data-v-2c67a6d3> Payments </span> <span class="dots__wrapper term__description" data-v-c02f1b78 data-v-2c67a6d3><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78> One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. </span> <span class="dots__actual-content" data-v-c02f1b78> One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. </span> <!----></span> <span class="text-caption blue term__link" data-v-2c67a6d3>Read this Term</span></a></span></span></span>, provide crypto payouts to its players, employees, partners and fans, as well as empower additional future <span data-ref="term-wrapper" class="term__wrapper" data-v-2c67a6d3 data-v-4728648d> <span class="term__term-title-container" data-v-2c67a6d3><span class="term__term-title" data-v-2c67a6d3> blockchain </span></span> <span class="term__pop-up-wrapper display-block" style="display:none;" data-v-2c67a6d3><span class="display-block" data-v-2c67a6d3><a href="/terms/b/blockchain/" rel="follow noopener" target="_blank" class="term__pop-up" style="width:0;right:0;z-index:1;" data-v-2c67a6d3><i class="close-icon term__close-icon" data-v-2c67a6d3></i> <span class="text-body bold display-block" data-v-2c67a6d3> Blockchain </span> <span class="dots__wrapper term__description" data-v-c02f1b78 data-v-2c67a6d3><span class="dots__visible" style="max-height:63px;" data-v-c02f1b78> Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. </span> <span class="dots__actual-content" data-v-c02f1b78> Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. </span> <!----></span> <span class="text-caption blue term__link" data-v-2c67a6d3>Read this Term</span></a></span></span></span>-related features.<br>In contrast, Nerd Street will give exposure to FTX by leveraging its live broadcasts, digital tournaments and in-person events to provide educational content surrounding blockchain technology and FTX’s business activities aimed to benefit general users, including gamers. <br>Brett Harrison, the President of FTX, said: "FTX US has a strong focus on making sure our industry, crypto, is a safe accessible place for all types of people. That's why as a gamer and esports fan I'm proud to support Nerd Street's mission to likewise bring esports to everyone. Their platform is unlocking a massively untapped market of gamers that want to participate but lack access, and we're excited to support their growth."<br>Meanwhile, John Fazio, the CEO and Founder of Nerd Street Gamers, added: "Every time a new paradigm in technology opens up, the internet, web browsers, mobile phones, or social networks, there is always a lot of noise, and the majority fails to sustain beyond the initial hype. With blockchain, it's been no different. Our partnership with FTX US is focused on arming our gamers with context and knowledge to cut through the noise of getting rich quick schemes and see the real value of this new technology. Through our partnership with FTX US, we'll begin rolling out blockchain enhanced features that provide value without cost to our members."<br>Follow Us<br>Looking for a Service?<br> Finance Magnates is a global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing. Copyright © 2022 "Finance Magnates Ltd." 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