Litecoin Foundation To Sponsor Ultimate Fighting Championship (UFC) – The Litecoin Foundation will sponsor an event of the Ultimate Fighting Championship (UFC). It is one of the leading mixed martial arts organizations in the world. This is a deal to promote its cryptocurrency, according to an announcement published Dec. 26.
Former Coinbase engineering director, Charlie Lee, however, released Litecoin (LTC) in 2011. The coin is a proof-of-work currency with a limited supply of 84,000,000 LTC. Litecoin doesn’t have central management. Conversely, the Litecoin Foundation develops its network. Lee is also the managing director of the foundation.
In the statement that was released, the foundation said that it has become the “Official Cryptocurrency Partner” of the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson. Furthermore, it stated that the sponsorship is a part of their plan to expand the adoption of digital currencies, saying:
“Litecoin Foundation To Sponsor Ultimate Fighting Championship (UFC) – With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”
In 2017, the global sports market was valued around $557 billion, with North America being the biggest region in the sports market that year with a 33 percent market share, according to market research by the intelligence firm ‘The Business Research Company’. Raising funds through sponsorship purportedly attracts new sponsors to the market, with cryptocurrency-related support gradually expanding to date.
Recently, the Brazilian premier league soccer club, Atletico Mineiro, introduced a fan token based on Footcoin. This is a platform for developing tokens on Ethereum blockchain. Dubbed as “GaloCoin”, the token will enable fans to purchase game tickets, official apparel, and participate in discount programs.
This time last year, Canadian mixed martial artist, Rory MacDonald, also inked a sponsorship deal that saw him wear outerwear branded with the dash cryptocurrency for a Bellator 192 fight. Former lightweight MMA champion, Michael Chandler, too, signed an endorsement deal with crypto trading platform CoinLion back in January.
Recently in September, Paris Saint-Germain (PSG) the French soccer club to launch a token ecosystem. The token will allow the club to launch a Fan Token Offering (FTO). Thus giving 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.