Ohio-based
professional basketball team the Cleveland Cavaliers (The Cavs), along
with its associated esports club Cavs Legion GC, have partnered with the
cryptocurrency firm UnitedCoin. The National Basketball Association
(NBA) announced the new partnership in a press release on July 15.
The
partnership will reportedly be used to advertise UnitedCoin and provide
the Cavs with an inroad to the fintech sector via cryptocurrency.
For the Cavs, one aspect of this partnership will reportedly be LED signage inside Rocket Mortgage FieldHouse during Cavs games.
The
Cavs Legion will reportedly advertise UnitedCoin as its “Official
Cryptocurrency Partner.” Within NBA 2K, this means that UnitedCoin will
be displayed on the team’s in-game home court. The Cavs Legion will also
put UnitedCoin’s brand on social media, as per the announcement.
According
to the press release, UnitedCoin includes a service to transact with
both fiat money and cryptocurrencies via phone or email. The company has
also issued a Mastercard debit card, which likewise has both fiat and
crypto functionality.
As per its website,
UnitedCoin is registered with the United States Securities and Exchange
Commission and is still in an early-access phase. According to its whitepaper,
UnitedCoin employs a new type of consensus algorithm and chain
structure that purportedly solves some problems with traditional
blockchains.
As previously reported
by Cointelegraph, the Miami Dolphins announced on July 11 that Litecoin
is the team’s “official cryptocurrency.” The team will set up home
stadium kiosks to let fans participate in their 50/50 raffle with
cryptocurrencies.
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