Global sports entertainment company Sorare has partnered with payment provider Mangopay to launch a Cash Wallet that will enable users to make real-world fiat transactions.
Sorare’s five million registered users will now be able to make payments in currencies such as the US Dollar (USD), Euro (EUR), and British Pound Sterling (GBP), in what has been hailed a ‘major milestone’ for the Web3 industry.
Starting early August, Cash Wallet will be available to all Sorare users as part of its Wallet System.
Nicolas Julia, CEO and Co-Founder of Sorare, said: “Sorare is built using blockchain technology because we believe it can deliver unique benefits to sports fans and fantasy gamers in the form of proven authenticity, scarcity, and portability. However, new technologies must be accessible to all if they are to fulfil their potential.
“The launch of Cash Wallet is key to our goal of making Sorare as simple and user-friendly as possible for all sports fans and we are thrilled that we can now enable Managers to build their teams and collections using real-world (or fiat) currencies for the very first time.”
Since launching, Sorare has been working to build a seamless experience where sports fans can benefit from Sorare digital cards without experiencing the frictions commonly experienced by consumers who are new to Web3.
By partnering with Mangopay to introduce fiat currency, Sorare Cash Wallet aims to eliminate this friction problem and make it easier for existing and new users to experience its fantasy sports game and marketplace.
The payment solution will allow users to securely connect their bank account to Sorare, store credit card details, and deposit money directly in their Cash Wallet to buy and sell cards.
Romain Mazeries, CEO at Mangopay, added: “As a frontrunner in the payment infrastructure industry, we are committed to shaping the next era of payments. Our collaboration with Sorare underscores this dedication.
“Sorare, an industry leader in the sports, collectibles, and gaming domains, boasts an impressive growth trajectory with over five million registered users. Partnering with them not only fortifies our strategic position but also paves the way for joint advancements in payment solutions, enhancing accessibility to their innovative blockchain platform”.