ShadowPay
ShadowPay is a bootstrapped, Singapore-incorporated peer-to-peer marketplace that lets individual gamers buy, sell, and trade CS2, Dota 2, and Rust skins for real money via Steam-integrated authentication, with multi-surface distribution across web, desktop, mobile, and browser extension.
- Company typePrivate
- Founded2017
- HeadquartersWoodlands, Singapore
- Headcount11–50
- GTM typeB2C
- OfferingDigital Commerce or Content
What ShadowPay does
ShadowPay operates a peer-to-peer marketplace for trading in-game cosmetic skins across CS2, Dota 2, and Rust, positioned as a third-party alternative to Steam Market that enables real-money deposits, withdrawals, and lower transaction fees. Users authenticate via Steam OpenID, which syncs inventory and enables trade offers; the platform then offers three trading mechanisms — instant buy/sell at fair-market prices, direct peer-to-peer trades with escrow, and 24/7 automated trading bots. Distribution spans a web platform, a Windows desktop application, a Chrome browser extension (TradeManager) with anti-phishing functionality, a mobile app, and a public developer API at api.shadowpay.com, giving users multi-surface access and merchants an integration surface.
The underlying technology stack centers on Steam API integration for inventory sync and trade execution, supplemented by advanced encryption, fraud-prevention systems, and device fingerprinting for account security. Proprietary tooling includes real-time pricing/rarity/float-value analytics, a Steam ID format converter, and escrow-backed P2P trade matching. The company is privately held and bootstrapped, founded in 2017 by three gamers/developers, and grew from a simple escrow concept (pivoted circa 2018) to a multi-game marketplace serving hundreds of thousands of active traders across 1.27M+ registered users.
The business model is transaction-based with multiple take-rate streams: 5% commission on P2P sales, a 65% cut on instant-sell transactions (users receive 35% of the sale price immediately), 5% on real-money withdrawals, and a $1/month maintenance fee on accounts inactive 90+ days. Go-to-market is product-led and self-serve with Steam-auth onboarding, supplemented by an affiliate program offering up to 20% commission on referred-user top-ups, content marketing (blog, social channels including Discord/YouTube/X/Instagram/Facebook), and SEO. The legal entity BINARYLORE PTE. LIMITED (Singapore, Reg. 202402562G) operates primary business, with Vozzby LTD (Cyprus, HE 456422) handling EU operations; payments are processed via Tipalti, Stripe, Visa, Mastercard, Apple Pay, Google Pay, PayPal, and Zen.
ShadowPay firmographics
Firmographics- Name
- ShadowPay
- Legal name
- BINARYLORE PTE. LIMITED
- Website
- https://shadowpay.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- ShadowPay is a bootstrapped, Singapore-incorporated peer-to-peer marketplace that lets individual gamers buy, sell, and trade CS2, Dota 2, and Rust skins for real money via Steam-integrated authentication, with multi-surface distribution across web, desktop, mobile, and browser extension.
- Ownership category
- akta.pro rank
ShadowPay industry classification
Industry- Product category
- Online Gaming Marketplace / Virtual Item Trading
- NAICS
- Hobby, Toy, and Game Retailers (45912), Hobby, Toy, and Game Retailers (459120)
- SIC
- Retail-Hobby, Toy & Game Shops (5945)
- akta.pro primary industry
- Player-to-Player Marketplaces & Trading Platforms (MPAFAJAE)
- akta.pro secondary industries
- Virtual Goods & Digital Item Commerce (skins, cosmetics, DLC) (MPAFAJAF), In-Game Item Marketplaces & Trading Platforms (MPAFACAJ), Secondary Market Infrastructure (escrow, pricing, anti-scalping) (MPAFAJAG), Fraud, Risk, Chargebacks & Compliance (KYC/AML, tax/VAT) (MPAFAJAD), Digital Game Marketplaces & Item Economies (NFT/Skins/Trading) (BPAMAKAJ)
Keywords
Where ShadowPay is headquartered
LocationHeadquarters
- HQ city
- Woodlands
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
ShadowPay business model
Business model- GTM type
- B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Marketplace Commission (P2P Sales): Platform charges 5% fee on peer-to-peer sales transactions and 5% on real-money withdrawals. Sellers set prices and ShadowPay deducts commission from each sale.
- Instant Sell Commission: Platform takes 65% from instant sell transactions where users want immediate liquidity without waiting for P2P buyer.
- Account Maintenance Fee: Inactive accounts (no activity for 90+ days) charged $1.00 USD maintenance fee per month.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Per transaction | P2P Sales Commission |
| Transaction based/ take rate | Pay-as-you-go | Real-Money Withdrawal Fee |
| Transaction based/ take rate | Per transaction | Instant Sell Commission |
| Transaction based/ take rate | Monthly | Account Maintenance Fee |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
ShadowPay product offering
Product offeringCore offering
ShadowPay operates an online marketplace where gamers buy, sell, and trade in-game cosmetic skins for CS2 (CS:GO), Dota 2, and Rust using real money. Transactions are executed through three mechanisms: peer-to-peer trades with escrow, instant automated buy/sell at fair-market prices, and 24/7 trading bots. The platform authenticates users via Steam, supports real-money withdrawals, and distributes its services through web, browser extension, desktop, and mobile channels.
Product overview
ShadowPay is an all-in-one P2P marketplace for trading in-game virtual item skins across multiple games including CS2 (CS:GO), Dota 2, and Rust. The platform operates through its core Marketplace, offering three trading mechanisms: Instant Buy/Sell (automated at fair-market prices), P2P Trading (direct peer-to-peer with escrow), and Trading Bots (24/7 automated). Users access the platform via web, mobile app, or desktop application, with a Chrome browser extension (TradeManager) enabling streamlined trade notifications and execution. Additional tools include a Steam ID Finder, affiliate program (up to 20% commission), and API access for developers. The platform supports real-money transactions with instant withdrawals through multiple payment methods.
Differentiator
Problem solved
Functional benefit
Products and services
- ShadowPay Marketplace Core online marketplace enabling users to buy, sell, and trade in-game cosmetic skins for CS2 (CS:GO), Dota 2, and Rust using real-money transactions, with instant buy/sell, P2P trading with escrow, and 24/7 trading bots.
- ShadowPay TradeManager Browser Extension Chrome browser extension that secures skin trading, automatically creates trade offers when buyers are found, and sends notifications for pending trades; protects against phishing scams and fake bots.
- ShadowPay Desktop Application Windows desktop application providing the same trading functionality as the browser extension, allowing users to manage skin trades without opening a browser.
- ShadowPay Mobile App Mobile application that lets users buy, sell, and trade CS2, Rust, and Dota 2 skins from their phone.
- Steam ID Finder Web-based utility that looks up Steam IDs in multiple formats (SteamID64, SteamID32, SteamID3, HEX) along with profile information, ban status, and Faceit details.
- ShadowPay API Public developer API documented at api.shadowpay.com/api/doc that lets third parties integrate with ShadowPay's inventory and trade infrastructure.
Quantifiable outcome
- Transactions processed in real time with instant completion
- +3 more outcomes
Companies that use ShadowPay
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles3 records
ShadowPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature9 records
ShadowPay partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Valve Corporation (Steam)coreSteam provides OpenID authentication and API access for user login, inventory sync, and trade offer execution. ShadowPay operates as a third-party trading platform using Steam's infrastructure. Platform is not affiliated with Valve but leverages their ecosystem.
- TipalticoreTipalti processes payouts to sellers including bank transfers and various payment methods. Handles withdrawal processing with up to 10 business days for bank transfers.
- Payment Providers (Visa, Mastercard, Stripe, Apple Pay, Google Pay, Zen, PayPal)coreMultiple payment processors enable deposits, purchases, and withdrawals. Zen, Stripe, Visa, Mastercard, Apple Pay, Google Pay logos displayed as accepted payment methods.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
ShadowPay competitors and assessment
Company assessmentRegional players
- Buff163: Buff163, operated by NetEase, is the dominant CS2/Dota 2 skin marketplace in China with massive liquidity. While it is a regional player with limited direct overlap in ShadowPay's core markets, it represents the scale benchmark for skin marketplaces globally.
Direct peers
- CSFloat: CSFloat is a CS2-specific skin marketplace focused on float-value transparency and P2P trading. Like ShadowPay, it serves serious skin traders using Steam authentication and offers real-money settlement, making it a direct competitor for the same CS2 trader base.
- Bitskins: Bitskins is a long-running CS:GO/CS2 skin marketplace offering P2P and instant-buy trades with real-money payouts. It competes head-on with ShadowPay for the same individual gamer and professional trader segments across CS2/Dota 2.
- OPSkins (now WAX): OPSkins pioneered the third-party real-money CS:GO skin marketplace model and later pivoted toward blockchain/NFT trading via the WAX network. It is a historical direct peer whose product evolution shadows the broader skin marketplace category ShadowPay operates in.
- Skinport: Skinport is one of the largest third-party marketplaces for trading CS2 and Rust skins for real money, with lower fees than ShadowPay's instant-sell tier. It is the most directly comparable peer in terms of product offering, target customer, and business model (P2P/instant marketplace with withdrawal).
- DMarket: DMarket operates a blockchain-enabled marketplace for in-game items across multiple games including CS2 and Dota 2, with both fiat and crypto settlement. It overlaps directly with ShadowPay on P2P skin trading and adds a Web3/token dimension that competes for the same liquidity pool.
- SkinBaron: SkinBaron is a European skin trading platform with a focus on regulated, EU-compliant operations and real-money cash-out for CS:GO/CS2 skins. It is highly comparable to ShadowPay's Cyprus EU entity and competes for European traders seeking fiat withdrawals.
Broad incumbents
- Steam Community Market: Valve's official Steam Community Market is the primary incumbent for in-game item trading, with the disadvantage that earnings cannot be withdrawn to real money. ShadowPay explicitly positions itself as the alternative to Steam Market, making it the most relevant broad incumbent for competitive context.
Emerging players
- Gameflip: Gameflip is a marketplace for digital goods including gaming items, gift cards, and virtual goods across multiple platforms. It overlaps with ShadowPay on virtual item commerce but with a broader category focus and lower depth in CS2-specific liquidity.
- LootBear: LootBear operates in the broader virtual goods and gaming items space with skin trading as one component. It is comparable as an adjacent marketplace competing for the same individual gamer wallet, though its primary differentiator has historically been skin rental rather than pure P2P sale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
ShadowPay social profiles
Digital presenceShadowPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
ShadowPay leadership team
Management profileNumber of profiles
Profiles3 records
ShadowPay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ShadowPay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ShadowPay
What does ShadowPay do?
ShadowPay operates an online marketplace where gamers buy, sell, and trade in-game cosmetic skins for CS2 (CS:GO), Dota 2, and Rust using real money. Transactions are executed through three mechanisms: peer-to-peer trades with escrow, instant automated buy/sell at fair-market prices, and 24/7 trading bots. The platform authenticates users via Steam, supports real-money withdrawals, and distributes its services through web, browser extension, desktop, and mobile channels.
Is ShadowPay a public or private company?
ShadowPay is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was ShadowPay founded?
ShadowPay was founded in 2017. It employs 11 to 50 people.
Where is ShadowPay based?
ShadowPay is headquartered in Woodlands, Singapore, in the Asia region.
How does ShadowPay make money?
Three revenue lines are on record. Marketplace Commission (P2P Sales) is the primary driver. The others are instant Sell Commission and account Maintenance Fee.
Who are ShadowPay's main competitors?
Buff163 is listed as a regional player. Direct peers are CSFloat, Bitskins, OPSkins (now WAX), Skinport, DMarket and SkinBaron. Steam Community Market is listed as a broad incumbent. Emerging players are Gameflip and LootBear.
Does ShadowPay have an API?
Yes. ShadowPay exposes a public API. Developer documentation is at api.shadowpay.com/api/doc.
What industry is ShadowPay in?
ShadowPay's product category is Online Gaming Marketplace / Virtual Item Trading. Its primary akta.pro industry code is MPAFAJAE, Player-to-Player Marketplaces & Trading Platforms, with a secondary code of MPAFAJAF, Virtual Goods & Digital Item Commerce (skins, cosmetics, DLC). Its NAICS code is 45912 and its SIC code is 5945.