The Solana Foundation has partnered with the World Series of Poker (WSOP) to integrate cryptocurrency payments into tournament registration and prize disbursement. Under the arrangement, participants can pay entry fees using SOL and Solana-based stablecoins, with stablecoin prize payouts set to begin at the Bahamas event in December.
MoonPay provides payment channels.
The payment infrastructure for this partnership is provided by the crypto payment company MoonPay. The Solana Foundation states that participants who register using SOL or Solana ecosystem stablecoins will be exempt from processing fees. For international participants, the process of funds entering the event system will be faster.
Vibhu Norby, Chief Product Officer at the Solana Foundation, said this arrangement aims to streamline fund flows in poker tournaments and reduce friction for players when registering and claiming prizes. He noted that poker players typically prioritize fund efficiency, so faster settlement experiences could drive adoption of these services.
Stablecoin bonuses will launch in December
Based on currently disclosed information, the stablecoin bonus distribution will begin with the WSOP Paradise in December. This means the tournament will not only accept cryptocurrency entries but also extend prize payouts to on-chain settlement scenarios.
The key points emphasized by all parties include payment processing speed and accessibility for international players. For participants requiring cross-border transfers, currency conversion, or waiting for traditional payment settlements, stablecoin disbursements can shorten settlement times and reduce certain intermediary steps.
The WSOP features approximately 50 events throughout the year.
Jim Walker, President of MoonPay Commerce, said that poker tournaments inherently feature cross-regional participation, making cryptocurrency payments and stablecoin settlements highly suitable. He noted that processing registrations and distributing prizes on the Solana network enables players from different regions to participate more conveniently.
WSOP is a globally renowned poker tournament brand that hosts approximately 50 events worldwide each year, with total prize payouts exceeding $4 billion. Its flagship event has a $10,000 buy-in, with television coverage beginning on July 2.
Additional information: The Solana Foundation stated that it will evaluate the real impact of this partnership on the growth of WSOP and the Solana community based on the adoption of crypto registration and stablecoin prize distributions.