The Litecoin Foundation, a non-profit dedicated to advancing and promoting blockchain technology – primarily through the Litecoin cryptocurrency, in a recent statement on Wednesday, Dec. 26th 2018, announced it has become the “Official Cryptocurrency Partner” of the Ultimate Fighting Championship – UFC 232: JONES vs. GUSTAFFSON 2, light heavyweight title fight.
The foundation further stated that the sponsorship act is part of its effort to expand the adoption of digital currencies. With major brands and institutions aggressively moving into the cryptocurrency and blockchain market space, signaling that the technology is day by day inching closer towards the mainstream.
The Litecoin (LTC) cryptocurrency was launched by former Coinbase engineering director Charlie Lee, in 2011. Lee is currently the managing director of the Litecoin foundation. The digital token is basically a proof-of-work currency with a limited supply of 84,000,000 LTC. The token is not centrally managed, but its network is developed by the Litecoin Foundation.
In 2017, the global sports market was valued at a whopping $557 billion, with North America being the biggest region in the sports market in 2017, with almost a 33 percent global market share, as per the reports by the market research and intelligence firm –the Business Research Company. Raising funds through sponsorship purportedly is a whistle-blower act, attracting new sponsors to the market.