Steam founder Gabe Newell says the video game marketplace stopped accepting bitcoin (EXANTE: Bitcoin) payments in December 2017 after the company had realized that 50% of transactions were fraudulent.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
In an interview with PC Gamer, Newell added that the other reason why the Washington-based company behind the platform abandoned cryptocurrencies is that "a lot of the actors who are in that space are not people you want interacting with your customers."
"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 did not want to have," he continued.
The Steam CEO reiterated that bitcoin's volatility turned out as a "complete nightmare" for the company. Although the blockchain market has a lot of "really interesting" technological solutions, Newell doubts that people have figured out "why you actually need a distributed ledger."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.