The Litecoin Foundation will sponsor an event of the mixed martial arts Ultimate Fighting Championship (UFC), according to an announcement published on December 26th.
In the statement, the foundation said it became the "Official Cryptocurrency Partner" of the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson. The Litecoin Foundation stated that sponsorship is part of its effort to expand the adoption of digital currencies, saying:
"With brands and institutions that continue to push in cryptocurrency and blockchain, this is the umpteenth sign of this technology that is approaching the mainstream".
Litecoin (LTC) was released in 2011 by former Coinbase technical director Charlie Lee. Currency is a test currency of labor with a limited supply of 84,000,000 LTC. Litecoin is not centrally managed, but the Litecoin Foundation develops its network. Lee is also the CEO of the foundation.
In 2017, the global sports market was valued at about $ 557 billion, while North America was the largest region in the sports market that year, with a market share of 33%, according to market research and the Business Research Company intelligence company. Fundraising through sponsorship presumably attracts new sponsors to the market, with support for the cryptocurrency that is gradually expanding to date.
In December, the Brazilian Premier League football team, Atletico Mineiro, launched a fan token called "GaloCoin" based on Footcoin – a platform to create utility tokens on the Ethereum blockchain. The Atletico token will allow fans to purchase game tickets, official clothing and participate in discount programs.
In September, the French football club Paris Saint-Germain (PSG) collaborated with the Sociocos.com blockchain platform to launch a token ecosystem. The token will allow the club to launch a Fan Token Offering (FTO) that gives fans access to branded German club tokens. Tokens will be provided with voting rights and may also confer VIP status and / or prizes to their holders.
In June, the largest exchange of cryptocurrencies in the world, Binance, has made a secret investment in the voting platform on eSports chiliZ based on the blockchain.