Litecoin News: The Litecoin Foundation recently announced that it will be the “Official Cryptocurrency Partner” for the upcoming event of the Ultimate Fighting Championship (UFC) mixed martial arts organization
According to an announcement published by the foundation on Dec. 26, it will sponsor the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson. The statement further stated that the sponsorship is a part of their plan to expand the adoption of digital currencies:
“With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”
Released by former Coinbase engineering director Charlie Lee in 2011, Litecoin (LTC) is a proof-of-work currency with a limited supply of 84,000,000 LTC. Not being centrally managed, the Litecoin Foundation develops its network with Lee being the managing director of the foundation.
Sports and Cryptocurrencies
According to market research and intelligence firm, the Business Research Company, the global sports market was valued around $557 billion in 2017. With 33% market share, North America turned out to be the biggest region in the sports market that year.
Arranging/raising funds via sponsorship are quite important for the survival of every sporting event. Various sponsors enter the market as per the scale of the sport and the event. While cryptocurrency’s entry is quite recent, it has started making its mark already.
Recently, the Brazilian premier league soccer club Atletico Mineiro introduced a fan token based on Footcoin, the platform for developing tokens on Ethereum blockchain. Dubbed as “GaloCoin”, the token will enable fans to game tickets, official apparel, and participate in discount programs.
In September, Paris Saint-Germain (PSG) the French soccer club collaborated with Socios.com, a blockchain platform to launch a token ecosystem. The said token will be part of the club’s Fan Token Offering (FTO) giving their fans access to branded Saint German club tokens. The tokens will entail voting rights and can also confer VIP status and/or rewards to their holders.