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By Nina Kikava - News - 3 weeks ago

UFC Fight Will Be Sponsored By Litecoin

According to an announcement, that was published on December 26, one of the UFC fights that is famous all over the world will be sponsored by Litecoin Foundation.

As the statement claims, Litecoin Foundation is now an official cryptocurrency partner of UFC fight that will be between Jon Jones and Alexander Gustafsson. The aim behind sponsoring the fight is to make cryptocurrencies more popular and increase adoption of digital assets in general. The announcement states:

“With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.”

Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins are based on an open source cryptographic protocol and is not managed by any central authority. The engineering director of Litecoin is Charlie Lee, who is also managing director of Litecoin Foundation.

This is not the first time when sports and cryptocurrencies collaborate. As we already know, the sport is a popular industry and its market was valued around $557 billion. That is why a lot of cryptocurrency and blockchain companies are aiming to collaborate with various parts of the industry. For example, earlier this month, Brazilian soccer club Atletico Mineiro issued a token for their fans called “GaloCoin” that was based on Footcoin. The Footcoin platform is creating utility tokens on the Ethereum blockchain. With the help of this project, fans of the club will be able to buy tickets and official apparel with the token “GaloCoin”, and they can also take part in discount programs.

More and more companies are investing in and sponsoring a different kind of sports and the main reason why they are doing it is to increase the adoption of cryptocurrencies in the world. With this kind of collaborations, people who are interested in sports, are getting more information about cryptocurrencies as well and are starting to use them in everyday life.