Full cryptocurrency payments will be coming soon!
Rest assured that we are big advocates of cryptocurrency and these gift cards are just stage 1 of a much larger plan! But just in case you’re confused, let us explain our reasoning for launching our cryptocurrency acceptance with gift cards.
Regulation minefield
It is a difficult time with government regulations for not only the events industry but the growing cryptocurrency industry too. Regulations on cryptocurrency are being discussed and varying from State to State and country to country. As we cater to customers all over the world for worldwide events, these differences in regulations and requirements such as KYC and taxation can be complicated. We have instead setup gift cards which can be paid for with cryptocurrency, where the point of sale is solely through our UK company. This allows to accept cryptocurrency payments within a fixed and safer environment with regards to regulations.
Once you have purchase the gift card, you are then free to use that for tickets to any of our worldwide and USA events.
Ongoing event changes, cancellations & refunds
The events industry is still seeing ongoing cancellations and postponements due to government “covid” regulations that are forever changing. In some States the status of live events is uncertain.
Thanks to modern day payment processing technology it is easy for us to automatically issue refunds for cancelled events, but cryptocurrency is not so automated or straight forward and would require considerable development on our part.
Testing demand of paying with cryptocurrency
Our gift card system is also a good way for us to gauge the demand of cryptocurrency payments before undertaking a big redevelopment of our payment system. Using this method to buy gift cards with cryptocurrency, which you can then use to select any ticket you want on our website, is a quicker and easier solution to implement for the time being.