In a recent development in the world of cryptocurrency, UFC or Ultimate Fighting Championship which is an organization known for mixed martial arts gets sponsorship from Litecoin Foundation in a bid to create and promote awareness of crypto usage.
As per a news agency, it is official now that Litecoin Foundation would be the official partner in hosting the UFC heavyweight title fight between Alexander Gustafsson and Jon Jones. Alexander Gustafsson is a Swedish National whereas Jon Jones is from the United States of America. They would be in the ring face-to-face at the end of this month. With this, Litecoin strives to promote the adoption and global usage of cryptocurrency extensively.
In a press meet, Litecoin Foundation stated that this initiative to involve major brands and organizations would push forward the global acceptance of blockchain and cryptocurrency.
Litecoin is a peer-to-peer cryptocurrency and open-source software project. Creation and transfer of coins are based on an open source cryptographic protocol. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011. Charlie Lee who was a Coinbase director for engineering is behind the release of Litecoin. The Litecoin is proof-of-work denomination with a very limited release of around 84 million globally. It is not managed centrally by anybody, but the Foundation manages it with its own developed global platform. Currently, Lee is heading this organization as the CEO of the company.
The sports industry was priced around $560 billion in 2017. North America alone was the biggest revenue generator with a 33% in the global market for sports as per the market intelligence and research firm, the Business Research Company. In this current market, it is becoming a trend to attract new sponsors with payments made through cryptocurrency, and this is likely to increase in the near future.
Early December, a soccer club called Atletico Mineiro in Brazil which is a premier one was the first in the history of the game of football to introduce a specially designed fan token known as Galocoin, primarily based on Footcoin which is a platform for making payments for tokens using Ethereum blockchain. This token would facilitate in purchasing tickets, apparels and take part in various discount programs.
Similarly, earlier this September, a French soccer club, Paris Saint-Germain signed an agreement with a platform called Socios.com known to create blockchains. They plan to introduce a global ecosystem for tokens. This would be handy in introducing Fan Token Offering (FTO) which would enable fans to access branded fan tokens of Paris Saint-Germain. Even the news is that this particular fan token would come with benefits like that of voting rights and reward points and special entitlements if the fan belongs to a VIP class.