- MoonPay will pay each athlete in the X Games League a $2,500 signing bonus in stablecoins from Exodus.
- The funds will be immediately credited to the participants’ self-custodial Exodus Wallets.
- The new team-based events of the sports program will be competed by 40 athletes from four teams worldwide.
MoonPay, a fintech company offering payment infrastructure for crypto and non-fungible tokens (NFTs), has partnered with Exodus Movement, a non-custodial wallet provider, to unlock a new way to incentivize athletes. On Thursday, the company announced paying the signing bonuses of MoonPay X Games League contestants in stablecoins.
The $2,500 In Stablecoin Signing Bonus
According to MoonPay, it recently drafted 40 athletes to a year-round series of professional action sports events. The participants comprising the program’s initial four teams will each receive a one-time payment of $2,500 in XO Cash, the USD-backed stablecoin of Exodus Movement.
The backers will also deposit the tokens directly to each athlete’s self-custodial Exodus Wallet. Additionally, they will give each individual a custom MoonPay XGL Exodus Card directly linked to their Exodus accounts. It allows athletes to access their funds anytime and spend them at partner merchants as they please.
JP Richardson, CEO and co-founder of Exodus, highlighted that the measure aims to provide athletes greater flexibility in receiving and managing their money. Meanwhile, the move enhances transparency and efficiency in team managers’ compensation mechanisms.
“Athletes have global careers, and they need payments that work across borders just like they do, said Richardson. “By awarding signing bonuses in a form athletes can receive instantly and hold in their own wallets, we’re creating a modern approach to compensation built for speed and ownership from day one.”
The stablecoin or crypto compensation model is no longer a first in the industry, but it positions MoonPay and Exodus among the first to offer such perks. Other crypto-native platforms that have given digital asset payments for sponsorships and deals in the past include Coinbase, the now-defunct FTX, Crypto.com, and Binance.
The New MoonPay X Games League
The MoonPay X Games League is a revamped version of ESPN’s popular X Games series. However, instead of focusing on standalone competitions, it transforms the sport into global, co-ed, and team-based events.
The season-long competition opens athletes to structured salaries, bonuses, and other benefits. The Summer Draft event is the first for the franchise to provide signing bonuses in stablecoins.
The coop challenges will feature 10-person teams originating from New York and Los Angeles, USA; Sao Paulo, Brazil; and Tokyo, Japan. X Games revealed MoonPay as its named partner in January this year.
