Litecoin Foundation has decided to sponsor the fight against the Ultimate Fighting Championship (UFC) to intensify the cryptic uptake
This announcement was recently published. The Ultimate Fighting Championship (UFC) is a mixed martial arts organization.
Charlie Lee, who worked as an engineer at Coinbase, is the founder of Litecoin which was launched in 2011. The coin has a limited supply of 84,000,000 LTC. Lee is also the CEO of Litecoin Foundation, which runs Litecoin and is responsible for the development of its network.
In a statement released by the Foundation, he said he had become the "official cryptocurrency partner" for the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson.
The statement of the foundation also stated that this initiative is part of its overall effort to increase the acceptability and penetration of digital currencies in the market, stating: "With brands and institutions that continue to push in cryptocurrency and blockchain, this is another sign of this technology is approaching the mainstream ".
Based on a research report published in 2017 by the market research and intelligence research firm Business Research Company, the sports market was valued at around $ 557 billion worldwide, with North America holding the top position with a market share of 33%. With the entry of a new sponsor in the form of a company linked to the cryptocurrency, the sponsorship market continues to expand year after year, helping the sports market to raise funds.
At the start of the month, Atletico Mineiro, the Brazilian Premier League football club, had launched a fan token called "GaloCoin" which was based on Footcoin. This was used as a means of creating utility tokens on the Ethereum blockchain. Galocoin can be used by fans to purchase game tickets, official clothing and participate in various discount programs.
The association between sport and cryptocurrency is not new. At the beginning of September, Paris Saint-Germain (PSG), a French football team joined Socios.com, a blockchain platform, to launch its own token ecosystem. This was mainly used to launch a fan token (FTO) offer from the club for its fans and followers. These tokens have the right to vote and also give their holders the chance to win prizes.
Binance had also made a secret investment in the esports a blockchain – chiliZ voting platform in June 2018.