Litecoin Foundation All Set to Sponsor UFC Title Fight in Move to Boost Crypto Adoption

As indicated by a declaration published on December 26, the Litecoin Foundation will support an event of the Ultimate Fighting Championship (UFC) a mixed martial techniques association.

In the announcement, the organization revealed that it has turned into the “Official Cryptocurrency Partner” of the UFC light heavyweight title battle between Jon Jones and Alexander Gustafson. The Litecoin Foundation expressed that the sponsorship is a share of its endeavors to extend the encouragement of cryptocurrencies, saying:

“The brands and organizations who are proceeding to encourage digital money and blockchain, this is one more flag of this innovation moving forward towards the standard level.”

Former Engineering Chief of Coinbase, Charlie Lee launched Litecoin (LTC) in 2011. The coin is kind of proof of the currency with a constrained supply of 84,000,000 LTC. Litecoin isn’t halfway managed, yet the Litecoin Foundation builds up its system. Lee is likewise the overall managing executive of the organization.

In 2017, the worldwide games market was esteemed around $557 billion, while North America was the greatest area in the sport’s showcase that year, with a 33% of the sports market share, as per statistical surveys and insight firm the Business Research Company. Raising assets through sponsorship purportedly draws in new backers to the market, with digital money related support is steadily extending to date.

In December, Atletico Mineiro head of Brazilian class soccer club released a fan token named “GaloCoin” planted on Footcoin, a system for making utility tokens on the Ethereum (ETH) blockchain. Atletico’s token will enable fans to buy tickets for games, official clothing, and take part in discount programs as well.

In September, French soccer club Paris Saint-Germain (PSG) entered into a partnership with blockchain platform Socios.com to create a token community. The token will enable the club to launch a Fan Token Offering (FTO) that gives fans access to marked Saint German club tokens. The tokens will accompany casting ballot rights and can also give VIP status as well as rewards to their consumers.

The world’s biggest crypto trade Binance made an undisclosed investment venture into blockchain-based eSports platform chiliZ in June 2018.