The Litecoin Foundation has announced its plans to sponsor a fight in the Ultimate Fighting Championship (UFC). The foundation will be an ‘official cryptocurrency partner’ of the UFC 232 light heavyweight title fight between Jon Jones and Alexander Gustafsson. They are doing this in an effort to expand the adoption of digital currencies, and Litecoin in particular, they announced on Wednesday.
It’s not the first time that cryptocurrencies and sports collide. A variety of crypto companies has been seen on billboards around football matches in the English Premier League. At the same time football clubs like Juventus and Paris Saint Germain, and tennis player Caroline Wozniacki have announced the introduction of their own fan tokens.
Litecoin is often called ‘the silver of the cryptocurrency world’. Former Coinbase engineering director Charlie Lee created the coin in 2011 as a Proof-of-Work coin with a limited supply of 84 million LTC. Litecoin is not centrally managed by a company, but The Litecoin Foundation takes the lead in the development of the network.
However, it’s been awfully quiet surround Litecoin in recent months. One LTC is now worth a little bit over 30 dollars, while it peaked at 370 dollars in December 2017. The foundation has been working on creating LTC adoption behind the scenes. Currently over a thousand merchants accept LTC as a payment option through CoinGate, while LTC is working on incorporating a light version of Bitcoin’s Lightning Network that allows for extremely low transaction fees.
Also published on Medium.