The president of video gaming company Valve explained that the majority of the transactions in crypto at their platform were involved with fraudulent activities.
Valve Corporation is a video game company and Steam is its digital game distribution platform. In October, Steam suspended support for all the crypto, blockchain & NFTs based games from its platform. In particular “Age Of Rust” was the main victim of the change in the policies.
At that time many questions had been raised by the crypto & blockchain community but no exact answers were provided by Steam directly to bring clarity as to why they took such decisions against the innovation and revolution in the gaming industry.
Around 2 weeks ago PC Gamer’s report asked the President why they took such decisions against the crypto & blockchain.
In response, Gabe Newell, Co-Founder, and President of video game company Valve Corporation responded and said that such decisions were necessary because they found a huge inflow of fraudulent crypto transactions on the platform.
“We had problems when we started accepting cryptocurrencies as a payment option. 50% of those transactions were fraudulent, which is a mind-boggling number. These were customers we didn’t want to have.”
At the same time, Newell appreciated the technology of DLT but according to him platform users were raising questions that why we need this technology.
“People haven’t figured out why you need a distributed ledger.”
In this way Valve’s president tried to explain that they were not willing to screw the mind of their customers on the platform.
Steam Bitcoin payment adoption
According to reports, Steam started to accept payments in Bitcoin in April 2016 but later it suspended this payment option at the end of 2017 because of huge volatility in the price of the Bitcoin and also very high processing fees.