Professional Sports Embrace Cryptocurrency – this isn’t a secret. Back in 2014, 3 years before Bitcoin’s historic bull run, the Sacramento Kings accepted bitcoin!
Since then, talks of how Bitcoin and Ethereum could revolutionize sports have fueled public discourse.
To this end, we’ve seen the UFC partnering up with Litecoin. Georgia Tech accepting Bitcoin for its concession stands. Marshawn Lynch invested in a blockchain company in 2015. Richard Sherman, a teammate of Lynch’s, started accepting bitcoin for merchandise on his website as early as 2014.
But these early examples haven’t proven fruitful. Many cryptocurrency projects in the professional sports payments space have been limited or short lived.
The Litecoin Foundation, in partnership with the Miami Dolphins, hopes to change that. Announced today, the Miami Dolphins will soon begin accepting both Bitcoin and Litecoin for payments in the 2019/2020 NFL season.
The Litecoin Foundation and the Miami Dolphins have tapped Aliant Payments, a Florida-based payment processing and merchant services provider, to power their cryptocurrency payment solution. Through this partnership, the three companies plans to give home game Attendees the ability to pay with Litecoin and Bitcoin when purchasing tickets for the team’s 50/50 raffle.
“The Miami Dolphins are always looking for ways to enhance the fan experience, and this partnership with Litecoin provides the ability for guests to enjoy our 50/50 raffle while donating to a great cause,” Miami Dolphins Vice President & Chief Information Officer Kim Rometo said.
Litecoin continues to gain popularity as a means of payment remittance. Tens of thousands of businesses around the globe allow customers to pay using Litecoin. Individuals are using Litecoin as a means to pay one another too.
Bitcoin remains at top, however, in terms of highest market cap. More and more merchants are accepting Bitcoin, such as Whole Foods, Home Depot, Nordstrom, and Crate and Barrel. Sports franchises just makes sense as the next industry to accept crypto currencies.
Beyond concessions, merchandise, and tickets, crypto payments have far more use to sports franchises than meets the eyes. Ticket resales, memorabilia authentication, and real time sports betting are just a few areas where crypto currencies can continue to optimize the industry.
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