BitPay and London Lions Collaborate to Empower Central Bank Digital Currencies
London Lions, a British basketball team club, has partnered with BitPay, a leading cryptocurrency payment platform, to accept central bank digital currencies (CBDC) as payment for their merchandise. They will also accept popular cryptocurrencies like XRP and Dogecoin. This move aims to bridge the gap between the crypto market and sports, following in the footsteps of the Dallas Mavericks, who have been accepting cryptocurrencies and recently partnered with Voyager Digital. The partnership between London Lions and BitPay is a significant step towards integrating CBDCs into the sporting arena. Other cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu will also be accepted.
The involvement of cryptocurrencies in sports has been growing in recent years, with various sports teams and leagues using them to build better fan relationships. This includes UFC, football, and baseball. According to sports analytics firm Nielsen Sports, crypto deals with sports teams and leagues have grown over 100% in 2021 and are expected to reach $5 billion by 2026.
In addition to the London Lions partnership, there have been other notable crypto-sports involvements in 2022. Bybit has entered a three-year sponsorship deal with Red Bull Racing, with Tezos as its official blockchain partner. Manchester City is set to launch the first Metaverse football stadium, allowing fans to attend matches online. Manchester United F.C. has announced a multi-year sponsorship deal with Tezos, worth $27 million per annum. The Los Angeles Lakers arena will be renamed Crypto.com as part of a $700 million deal, and Crypto.com has also signed a $175 million deal with UFC.
The popularity of sports-related tokens is also on the rise. The “Paris Saint Germain (PSG) Fan Token” is currently priced at $3.20 and is followed by the “CITY Fan Token” at $3.16 and the “FC Barcelona Fan Token (BAR)” at $2.30.
Overall, the acceptance of cryptocurrencies in the sports industry is growing, with teams and leagues embracing digital assets for various operations and fan engagement. The partnership between London Lions and BitPay is just one example of how the sports and crypto markets are coming together in innovative ways.
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