Litecoin, a leading Bitcoin competitor, has announced that it has become the Official Cryptocurrency Partner of UFC 232. The event, which will be held this Saturday (December 29th), will feature Jon Jones and Alexander Gustafsson facing off in a much-anticipated rematch. Viewers of the match will be able to see the Litecoin logo on the canvas of the stage.
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
This event will provide major publicity for Litecoin, which was created in 2011 as a fork of Bitcoin’s original code. Litecoin has promised and delivered faster and cheaper transactions than its precursor, and it has gained a prominent place in the market. Litecoin is currently the eighth largest coin when measured by market cap, and the second largest Bitcoin-based altcoin after Bitcoin Cash. These factors mean that Litecoin is a viable competitor to Bitcoin, especially for everyday transactions.
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But like most cryptocurrencies, Litecoin is not a household name, and it is making an effort to change that through advertising. Sports sponsorships are a popular way to advertise, and the practice has spilled over into the crypto world in recent years. Earlier this year, the payment platform Bitpay sponsored a football bowl, adding Bitcoin’s name and logo to the event. Meanwhile, the Dogecoin community has put its funds together to sponsor a NASCAR vehicle multiple times.
Litecoin’s new UFC sponsorship will add variety to Litecoin’s list of impressive partnerships and collaborations, which have mainly involved payment platforms in the past. The UFC is, of course, an entirely different audience, and the event will expose the coin to hundreds of thousands of viewers. The partnership also has strategic value: sports betting may become a major application of crypto, meaning that sports audiences could represent a largely untapped source of crypto users.