Litecoin Foundation Becomes UFC Sponsor

[Ozark]

Litecoin will be the first cryptocurrency to sponsor a UFC Title Fight.

Litecoin Foundation has become the first crypto company to sponsor an upcoming sports event hosted by the Ultimate Fighting Championship (UFC), a Mixed Martial Arts organization based in Las Vegas. According to a company blog post, the Litecoin Foundation will be sponsoring the Light Heavyweight title fight between former champion Jon Jones and Alexander Gustafsson.

The statement announces that Litecoin is “the Official Cryptocurrency Partner of UFC 232”. The event, organized by one of the world’s largest MMA promotion companies, will take place on December 29 and will be the final UFC contest of this year.

The Litecoin logo will be displayed right on the stage, on the Octagon’s canvas. Charlie Lee, the Litecoin creator and the managing director of the Foundation, also the news in his personal account on Twitter.

https://twitter.com/SatoshiLite/status/1077973730511314944

This will be the first time that a cryptocurrency has made its way into the fighting ring of UFC. The Foundation believes that the Litecoin logo will attract the attention of numerous spectators who might have never heard of cryptos otherwise. Thus, such a sponsorship might help to promote the mass adoption of digital assets and blockchain.

“This is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date. With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream,” the announcement says.

With this latest move, Litecoin, released in 2011 as one of the first altcoins, is obviously trying to design a new and more efficient marketing strategy, and this approach might succeed.

The market of sporting events represents a promising space for advertisers. According to the data published this year by the research firm Business Research Company, the value of the global sports market amounted to $557 billion in 2017, and fighting shows are usually considered to be very popular.

On the other hand, the sports industry is also taking an increasing interest in crypto and blockchain. Back in August, the Italian club Rimini became a first football club to sell 25% of its shares to Heritage Sports Holdings for Quantocoins (QTC).

In September, Paris Saint-Germain (PSG), a famous French football club, announced its partnership with blockchain platform Socios.com in order to launch its Fan Token Offering. A similar intention has also been expressed by Juventus.

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