Litecoin could help boost cryptocurrency to an even broader audience. On Friday, the foundation behind the world’s fourth-largest cryptocurrency announced a partnership with the Miami ...
Litecoin could help boost cryptocurrency to an even broader audience. On Friday, the foundation behind the world’s fourth-largest cryptocurrency announced a partnership with the Miami Dolphins.
The deal makes Litecoin the official cryptocurrency of the American football team and enables cryptocurrency payments for select products.
Charlie Lee, Litecoin’s creator and the managing director of the Litecoin Foundation, was positive about the announcement:
We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.
The deal means that Litecoin will enjoy in-game advertising through the team’s Hard Rock Stadium, as well as through its online spaces. This partnership will launch for the 2019 NFL season.
It also means that users will be able to pay with both Litecoin and Bitcoin for the 50/50 raffle. Home game attendees will be able to purchase tickets for the raffle using either cryptocurrency both online and in the stadium, with support from Aliant Payments. Attendees can buy tickets until there are 12 minutes left on the clock in the fourth quarter, with tickets starting at five for $10. Half the proceeds will go to the team’s foundation and related charitable causes.
Unfortunately, there is no word on any other chances to pay with crypto at this stage, but it’s possible that a positive reception will encourage further uses.
The cryptocurrency has seen a surge over this year. Litecoin’s price increased nearly fivefold since December 2018. It’s currently resting at $105.21. Lee claims that Litecoin is the silver to Bitcoin’s gold, and an increase in adoption may have fueled confidence in the cryptocurrency.
In February, Lee announced that Bob Moore Auto Group would accept the cryptocurrency at their dealerships. The group would use Aliant Payments, the same firm used by the Miami Dolphins.
Part of this increased adoption may be due to low transaction fees. An article last year showed how one holder sent $99 million in Litecoin for just 40 cents.
With the recent announcement of the Litecoin debit card, the payment-focused cryptocurrency could see even more adoption.