MGO Token Beats Fiat Money as Currency of Choice on Xsolla Platform
Originally published on: CoinSpeaker
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February 01, 2019
It has been noticed that more and more users of the Xsolla platform rather make withdrawals in MobileGo (MGO) tokens than in fiat currency. What are the reasons for this popularity and what it can mean for MobileGo?
The Xsolla platform was launched more than 10 years ago and at that time it’s main aim was to offer players an opportunity to make in-game purchases using their fiat currencies. Now it’s a powerful platform in the gaming industry that attracts 500 mln users from all over the world, and its monthly turnover amounts to an impressive $100 million.
Xsolla provides access to more than half a thousand games, 700 payment options and 100 different currencies including MGO tokens. But despite the fact that such a huge range of currencies is available, users are able to withdraw their funds only in fiat or MGO. And the latter option seems to gain popularity extremely quickly.
It’s not a secret that fiat transactions can be rather complicated. First of all, it can take really a lot of time (long weeks if not months) till you get your money. Secondly, these transactions are associated with high fees and commissions. So, as a result you’ll get less that you have earned.
Game developers and producers on the Xsolla platform don’t want to experience all these difficulties. That’s why they prefer a much more feasible option. Payouts in MGO tokens take less time, they are much more cost-efficient and secure. Moreover, the entire way of making a withdrawal in crypto is much easier if compared with other options.
There are no high fees and commissions, there are no long technical procedures. You need just to make several clicks and wait for 20 minutes (or even less). Isn’t it better than to deal with fiat operations?
It is possible to use practically any crypto wallet with the support of ERC-20 tokens to get your MGO assets but you can also withdraw them to crypto exchanges. You can easily use them in all swap operations or you can convert them into fiat.
What Impact This Popularity May Have
The previous year was a good one for MGO tokens. Its success was driven by the interest from the side of both game devs and cryptocurrency enthusiasts. More and more developers from different corners of the world rely on this crypto. The overall coin market capitalization, as well as tokens volume, is continuously growing. At the press time, the market cap is over $29 million.
These figures definitely look very optimistic for the future of the MGO project as well as for the Xsolla platform. It is also expected that given the growing demand the token price will continue its way up.