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

The Litecoin Foundation will sponsor a combined martial arts title battle within the Ultimate Fighting Championship as a part of its effort to increase crypto adoption.

The Litecoin Foundation will sponsor an occasion of the Ultimate Fighting Championship (UFC) combined martial arts group, in line with an announcement printed Dec. 26.

In the assertion, the muse stated that it has develop into the “Official Cryptocurrency Partner” of the UFC mild heavyweight title battle between Jon Jones and Alexander Gustafsson. The Litecoin Foundation said that the sponsorship is a part of its effort to increase the adoption of digital currencies, saying:

“With manufacturers and establishments persevering with to push into cryptocurrency and blockchain, that is yet one more sign of this expertise transferring nearer in the direction of the mainstream.”

Litecoin (LTC) was launched in 2011 by former Coinbase engineering director Charlie Lee. The coin is a proof-of-work foreign money with a restricted provide of 84,000,000 LTC. Litecoin shouldn’t be centrally managed, however the Litecoin Foundation develops its community. Lee can also be the managing director of the muse.

In 2017, the worldwide sports activities market was valued round $557 billion, whereas North America was the largest area within the sports activities market that yr, with a 33 p.c market share, in line with market analysis and intelligence agency the Business Research Company. Raising funds by way of sponsorship purportedly attracts new sponsors to the market, with cryptocurrency-related assist steadily increasing to this point.

In December, Brazilian premier league soccer membership Atletico Mineiro launched a fan token dubbed “GaloCoin” primarily based on Footcoin — a platform for making utility tokens on the Ethereum blockchain. Atletico’s token will enable followers to buy recreation tickets, official attire, and take part in low cost packages.

In September, French soccer membership Paris Saint-Germain (PSG) partnered with blockchain platform to launch a token ecosystem. The token will enable the membership to launch a Fan Token Offering (FTO) that provides followers entry to branded Saint German membership tokens. The tokens will include voting rights and may also confer VIP standing and/or rewards to their holders.

In June, the world’s largest crypto change Binance made an undisclosed funding into blockchain-based esports voting platform chiliZ.

Original supply:

The post Litecoin Foundation to Sponsor UFC Title Fight in Bid to Increase Crypto Adoption appeared first on Bitcoin Upload.

Source: BTC Upload