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According to a Litecoin Foundation blog post, Litecoin (LTC) will be the "Official Cryptovalute Partner of UFC 232". The event will take place this Saturday night in California and the title match will see Jon Jones and Alexander Gustafsson playing the UFC light heavyweight belt.
It is not clear how a partnership between the two entities will work in practice. After all, Litecoin is not a company in the same way as Bud Light, Reebok or Harley Davidson.
Litecoin partnership more pressing to date
The blog post explains how Litecoin has already collaborated with various companies and brands since 2018. Many of these have not yet come to light. However, the decision was made to continue the UFC agreement for some reasons.
The main among these is that the Litecoin Foundation identifies the similarities between the UFC and the LTC in terms of community attention. According to the post:
"Over the past 25 years, UFC … has evolved from a small basic movement to a global phenomenon, largely based on the extremely passionate community … We see many parallels with Litecoin in this way since our extraordinary community has been determinant in our growth and supply of unshakable passion and enthusiasm that continues to push us forward ".
As part of the partnership between the LTC and Ultimate Fighting Championship, the long-standing digital heritage logo will be displayed around the infamous Octagon. This will expose the "brand" of the currency to literally millions of viewers worldwide.
This exposure is also cited by the foundation as an important reason why they will continue with the partnership in 2018 instead of waiting until next year as with similar agreements:
"This is a milestone for Litecoin and cryptocurrency in general since no other currency has ever sponsored a UFC event."
The post also states that the Litecoin Foundation hopes that UFC 232 is the beginning of a "long and fruitful relationship" between the UFC and the LTC.
Is the UFC partnership sufficient to save LTC?
The news of the Litecoin partnership comes soon after the future of the cryptocurrency has been questioned by an encrypted fund manager, Kyle Samani. In a tweet released today, the co-founder of Multicoin Capital said the rumors that the giant Bitmain encrypted mining hardware is preparing to lay off at least 80% of its workforce.
This is extremely bearish for BCH and LTC
The only reason to make such drastic cuts is because you're running out of money
In the meantime, they still have 1 BCH and 1M LTC on their balance sheet. These will soon be liquidated to keep the lights on https://t.co/kneSRcK2li
– Kyle Samani (@KyleSamani) December 26, 2018
An official Bitmain document from the year of August stated that the company has almost one million LTCs. Obviously, if the company is forced to restructure from the current bear market, this LTC stock could be downloaded to the market at any time.
Related reading: Gemini adds Litecoin with the approval of the New York regulators
Shutterstock foreground image.
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