Litecoin Foundation to Sponsor UFC Title Fight in Bid to Improve Crypto Adoption

The Litecoin Basis will sponsor an party of the Greatest Fighting Championship (UFC) mixed martial arts group, in accordance to an announcement released Dec. 26.

In the assertion, the foundation said that it has become the “Official Cryptocurrency Partner” of the UFC mild heavyweight title combat among Jon Jones and Alexander Gustafsson. The Litecoin Basis stated that the sponsorship is element of its effort and hard work to extend the adoption of digital currencies, stating:

“With models and establishments continuing to press into cryptocurrency and blockchain, this is nonetheless yet another signal of this technologies relocating closer to the mainstream.”

Litecoin (LTC) was launched in 2011 by previous Coinbase engineering director Charlie Lee. The coin is a proof-of-perform currency with a constrained supply of 84,000,000 LTC. Litecoin is not centrally managed, but the Litecoin Foundation develops its community. Lee is also the managing director of the foundation.

In 2017, the international athletics market place was valued all-around $557 billion, when North The us was the major location in the sports activities market that 12 months, with a 33 p.c current market share, in accordance to industry exploration and intelligence business the Small business Study Corporation. Raising resources by sponsorship purportedly draws in new sponsors to the market, with cryptocurrency-connected help steadily expanding to day.

In December, Brazilian premier league soccer club Atletico Mineiro launched a enthusiast token dubbed “GaloCoin” centered on Footcoin — a platform for making utility tokens on the Ethereum blockchain. Atletico’s token will allow for fans to order sport tickets, official attire, and participate in lower price plans.

In September, French soccer club Paris Saint-Germain (PSG) partnered with blockchain system to start a token ecosystem. The token will permit the club to launch a Lover Token Offering (FTO) that provides lovers obtain to branded Saint German club tokens. The tokens will occur with voting legal rights and can also confer VIP standing and/or rewards to their holders.

In June, the world’s largest crypto exchange Binance built an undisclosed investment decision into blockchain-dependent esports voting platform chiliZ.

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