Litecoin to enter the octagon in a bid to further crypto-adoption
Crypto-adoption has been on the rise, with several companies panning outside of the traditional foray and into spheres that will attract the uninitiated. In a bid to achieve the same, the Litecoin Foundation will sponsor a fight at the Ultimate Fighting Championship (UFC), as per an announcement by the foundation on December 27.
The Litecoin foundation has been announced as “The Official Cryptocurrency Partner,” and is set to sponsor the December 29 showdown at the Forum, California between Jon Jones and Alexander Gustafsson.
Citing the UFC as a “global phenomenon,” Litecoin aims to introduce the large mixed martial art community to the world of cryptocurrencies. To date, no virtual currency has sponsored a UFC event.
“With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream,” read the statement.
Litecoin is hoping this “fruitful relationship with the UFC,” will translate into a long-term increase in the adoption of cryptocurrency and will reach people, “who may have never heard of Litecoin or cryptocurrency before.”
There has been a growing trend of pulling non-crypto specific influencers into crypto-specific events to bring in a larger crowd and show the expanse of the decentralised world. The networking giant Ripple, behind the now top altcoin, XRP, had Bill Clinton, the former President of the United States deliver the keynote address at their flagship event, Swell 2018.
Furthermore, the TRON foundation which is gearing up for their own summit, niTROn in January 2019, will host the NBA superstar, Kobe Bryant, another start attraction and facilitator of crypto-adoption.
Charlie Lee, the former Coinbase engineering director founded the now 8th most prominent crypto back in 2011. The supply of the currency is set at 84,000,000 LTC with the Litecoin Foundation only developing the network, with decentralised management.
Sports, with a global market value of $557 billion, and the decentralised world have been increasingly working together as several instances prove. In December, the Brazillian football club Athletico Minero launched a fan token, based on the Ethereum blockchain, called “GalaCoin.” The Paris based football club, Paris Saint-Germain also launched a token system with Socios.com.
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