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To Spur Crypto Adoption Litecoin To Back UFC Title Fight

The Litecoin Foundation will fund an event of the mixed martial arts organization, UFC Ultimate Fighting Championship, as per the announcement made on December 26.

In that statement, the foundation said it has become the official “crypto partner” of the UFC heavyweight title battle amid Alexander Gustafsson and Jon Jones. The Litecoin Foundation said sponsorship was part of its efforts to expand the adoption of digital currencies.

Litecoin was launched in 2011 by Charlie Lee, former Coinbase technical director. Currency is functioning test currency with a limited inventory of 84 Million LTC. Litecoin isn’t managed centrally, but Litecoin Foundation builds its network. Lee is the director of the foundation.

By 2017, the global sports market accounted for about $ 557 Billion, while North America was the leading sports market region that year, with a market share of 33%, the Business Research company said. The sponsorship of fundraising apparently attracts new players to the market, with the support of the gradual increase of the cryptocurrency.

In December, Atletico Mineiro, the Brazilian first division soccer club, launched a token called “GaloCoin” based on Footcoin—a platform for making utility chips in the Ethereum blockchain. With the Atletico token, fans can buy tickets for games, official costumes and participate in discount programs.

In September, the French football club Paris Saint-Germain (PSG) worked together with the blockchain platform Socios.com to launch a chip ecosystem. With the symbol, the club can launch a fan club offer (FTO), allowing fans to access the chips of the Saint-German club. Tokens receive voting rights and may also assign VIP status or remuneration to their holders.

In June, Binance, the world’s largest crypto exchange, made an anonymous investment in the blockchain-based e-sports voting platform named, ChiliZ.

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