Litecoin to Sponsor UFC Title Match to Increase Crypto Adoption
The Litecoin Foundation is reportedly set to sponsor a title event of the Ultimate Fighting Championship (UFC), a mixed martial arts organization that became a global phenomenon over the last 25 years.
Through an announcement, the Litecoin Foundation noted that throughout the last year it has had the opportunity to partner with “some great companies and brands,” and that it will continue to explore these opportunities in the coming year.
It notes that it sees “many parallels” between UFC’s growth and that of Litecoin, as both saw their growth increase thanks to their respective communities. It further touted that the development is a “milestone” for the crypto ecosystem.
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 sponsorship deal will see Litecoin’s logo be displayed on the fighting ring’s canvas, giving “Litecoin global awareness that can spark interest and drive engagement with people from all walks of life” who may not be familiar with crypto. Notably, UFC events receive “several millions of viewers.”
Per the Foundation, this could be a step in a “long and fruitful relationship” with the mixed martial arts organization. Charlie Lee, who created Litecoin back in 2011 as the silver to bitcoin’s gold, tweeted out about the announcement.
Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA! Read more: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH
— Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018
Lee has been criticized for selling most of his LTC holdings late during 2017 when the cryptocurrency was close to its all-time high, in a bid to avoid a “conflict of interest” when talking about the cryptocurrency.
As reported, some of the funds he got from the liquidation were donated to the Litecoin Foundation, and to the Massachusetts Institute of Technology’s Digital Currency Initiative. Litecoin itself isn’t centrally managed, but is supported by the Litecoin Foundation.
Lee, a former software engineer at Google who has served as director of engineering at Coinbase as well, has been focusing on his role developing Litecoin and increasing merchant adoption.