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Streamlabs, the popular streaming app used by millions of Twitch streamers, has announced that users can now tip their favorite streamers with cryptocurrency. The functionality was introduced as of last Friday and uses Coinbase to process the payments.
In order to use the service, streamers need to link their accounts to Coinbase accounts. Once this is done, viewers can automatically tip with cryptocurrency. Currently, users can tip with Bitcoin, Bitcoin Cash, Ethereum or Litecoin – the four digital currencies offered by Coinbase – but Streamlabs hopes to add support for other coins in the future.
There are no fees by Streamlabs for using the service. However, when a streamer cashes out the crypto for fiat on Coinbase, he or she will have to pay a transaction fee on the platform. This is consistent with all transactions on cryptocurrency exchanges.
Twitch users streamed over 2 billion hours worth of content during the first four months of this year. 15% of those streams were created using Streamlabs OBS, a professional streaming app. Streamlabs also supports other platforms, including Mixer Facebook Live, Picarto, Periscope and YouTube. During the first quarter of the year, according to the company, it paid out over $34 million in tips to streamers.
The Amazon-owned Twitch recently announced a two-year agreement with the Fan Controlled Football League (FCFL). The FCFL, which offered a first-ever initial coin offering on the Indiegogo crowdfunding site, will see all of its games live-streamed on the popular platform.