When it comes to pointing out the biggest innovations in the financial world across the past few years, there is undoubtedly one name that shines among the rest–cryptocurrency.
The development of digital currencies, which is led by Bitcoin, has been fascinating to monitor in recent time and has hinted at a future when fiat currencies might be obsolete. Possibly the biggest breakthrough for cryptocurrency when Bitcoin hit a record-breaking price just shy of the $20,000 mark. This highlights how technology has gone a long way in terms of providing unique benefits to those who wish to send and receive payments, or even those looking to yield profits.
However, the doubt is still among financial commentators as to whether Bitcoin and other forms of crypto are here to stay, but that has not stopped Bitcoin sportsbooks from drawing the attention of bettors around the globe.
Bitcoin and soccer
The world of sport is one circle of the crypto industry that currently thrives. Soccer is a prime example. In recent months, several names like Didier Drogba and Ronaldinho backing to ventures and even top clubs launching their own digital currency.
Further, in August, Italian lower-league team Rimini FC 1912 became the first club to be purchased using cryptocurrency, with Quantocoin now holding 25 percent of the team. Recently, it was also announced that the altcoin had a sponsorship deal with Gibraltar United which would eventually pay its players in crypto.
Is crypto bound to see more exposure in this sport? Top draw leagues like the English Premier League, La Liga, and the Bundesliga will surely create more crypto interest once teams and players start looking into the technology and how various parties can benefit from its functions.
Bitcoin and basketball
Basketball is another area where the presence of cryptocurrency increases. One of the most recent breakthroughs involves Chinese Bitcoin mining company AntPool would be a sponsor of the Houston Rockets during the NBA 2018/19 season. In addition to that, the deal will also see AntPool create an exhibition that showcases cryptocurrency and what the technology is all about at the Toyota Center next year.
Discussing the partnership, John Crowley, vice-president of corporate development at the NBA franchise, said: “The Rockets are always looking to stay ahead of the curve with technology both on and off the court and AntPool’s prowess with cryptocurrency makes for a great partnership.”
A promising partnership
While many experts continue to analyze where cryptocurrencies are here to stick around, the examples above-mentioned point to the same direction–that the world of sports is not just waiting around.
From soccer’s stronger ties to digital currency all the way to partnerships in the NBA that involve crypto-related companies, it is an exciting time for both sport and cryptocurrency. As the trend evolves to work around the industry, it looks clear that sporting bodies will be on the path of further development.