Capital International Bank opens its doors to esports banking customers
For more than a decade, the esports industry has experienced rapid and volatile expansion. As it has grown upwards and outwards, the industry has presented countless opportunities for operators to enter and tap into remarkably valuable revenue streams. Recently, Capital International Bank (Isle of Man) has mobilized to help organizations in the sector looking to grow and secure their financial interests in space.
It was recently revealed by Capital International that a ‘esports banking solution’ has been implemented within the company. It is a company that aims to provide esports organizations with a one-stop banking solution. According to Capital International Bank representatives, a “number of esports customers” have already opened accounts and are known to be reaping the benefits of a esports banking service.
Esports recognition at its finest
How time passes, Isle of Man is gaining more and more importance in the world of esports. In recent years it has had the most impact on the sports betting vertical, with several operators working hard to acquire a prestigious and sought-after Isle of Man Gambling License. More recently, React Gaming’s LOOT.BET announced the launch of a licensed sports betting platform in the Isle of Man.
In 2017 the Isle of Man government moved recognize esport more officially. He issued the the world’s first “gaming license”, granting ESP (EsportsPools) a license to develop esports operations within the state, which included esports betting. Then, in 2019, the Isle of Man government formed an esports-focused department that would work to create and implement a strategy to improve the growing esports industry on the island.
In 2021, the government signed a sponsorship agreement in support of X7 Esports. It was a watershed moment, as no other government in the world had sponsored an esports organization up to that time.
Now the Isle of Man native Capital International Bank opened its doors to esports organizations, offering them a complete “esports banking solution”. While the nature of this solution has not been fully revealed, it has been suggested that several esports customers have already started taking advantage of it, as Business Development Manager Luke Adebiyi explains:
We have already opened accounts for a number of esports clients and want to build a reputation as the go-to bank for esports organisations.
Understand the industry
To better represent The Capital International Bank relationship with the esports industry, CEO Greg Ellison spoke about the newly implemented solution:
We understand that much of the esports industry is still in start-up mode. We see this as a positive point. Having more than 200 employees ourselves and offices in different jurisdictions, we take the same agile and forward-thinking approach as many start-ups. Our esports offering was created with the needs of esports organizations in mind. The esports industry is changing at such a rapid pace. We pride ourselves on being a fast-paced, relationship-focused digital bank, which is why we believe it’s a perfect fit for the industry.
As esports organizations grow, they are sure to benefit from a banking solution tailored to their business. With each passing day, these organizations are becoming more and more valuable, and right now the sky really is the limit. In recent weeks we have seen FaZe Clan listed on NASDAQ with a valuation of $725 million, which is a fantastic representation of the potential value of these brands.