quora Crypto news: Cryptocurrencies and sport

Cryptocurrencies and sport

Cryptocurrencies are becoming more popular around the world. Each year the crypto currency market enters various sectors, and professional sport is not an exception. It is worth mentioning that professional sports teams started using cryptocurrencies several ago. NBA team Sacramento Kings became the first professional sports franchise to start using Bitcoin. This happened in 2014 when the team announced that fans could buy sports gear and tickets with this digital currency. Other teams followed the Sacramento Kings and introduced cryptocurrencies. In this article, we will have a look at how crypto money and sports benefit from this cooperation.

Crypto investing and Football

Football is the most popular sport around the globe. For example, several people who watched the World Cup in 2018 reached 3.5 billion. It means that nearly half of the global population watched at least one game. This is excellent news for investors and people interested in crypto investing. By start using cryptocurrencies in Football, they can significantly increase the importance of digital currencies.

Professional sports teams also understand that they will benefit from such projects. For instance, Portuguese football club Benfica introduced the option to buy the tickets for the match using cryptocurrencies such as Bitcoin, Ether and Utrust tokens. From June 2019 fans can not only purchase tickets of the match but can also purchase sports gear. To achieve this goal, Benfica partnered with cryptocurrency service Utrust.

According to the agreement, when a club supporter buys a ticket using Bitcoin or other currencies, the club will receive its revenue directly in cash. This is possible thanks to Utrust, which is using instant crypto-to-flat conversion. Benfica is a world-famous football club only on social media; it has 7 million fans. Such agreements help to increase the revenue of the club, and at the same time, more people learn about the cryptocurrencies.

Cryptocurrencies and other sportsCryptocurrencies and sports teams

NBA teams also start working on their projects to meet the growing demand in cryptocurrencies. One of the latest examples is The Cleveland Cavaliers, which signed a deal with UnitedCoin. According to the agreement, UnitedCoin became the official Cryptocurrency partner of Cavs Legion. Cavs Legion GC is an esports club affiliated with the Cavaliers. The purpose of this deal to increase awareness about the cryptocurrencies. Also, NBA team wants to increase their profits thanks to cryptocurrencies.

Another sport which showed interest in digital currencies is American Football. NFL team Miami Dolphins partnered with Litecoin. Dolphins decided to make the Litecoin the official cryptocurrency of their team. The Miami Dolphins and Litecoin signed a deal with Aliant Payments. Aliant Payments is a crypto merchant service and payment processing firm. This agreement will help the NFL team to use cryptocurrency for its upcoming 50/50 raffle.

Football, basketball, and American Football are some of the examples, but there are other sports as well. Kickboxing also showed interest in digital currencies. In February the Litecoin Federation signed an agreement with Glory Kickboxing. This agreement will have a huge impact on kickboxing because Glory Kickboxing is organizing one of the best professional kickboxing leagues. Litecoin is the official cryptocurrency of the league.

To sum up, sports teams are willing to increase their participation in the crypto currency market. It helps them to become more attractive to people who love sports. At the same time, potential investors will learn more about cryptocurrencies.

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