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
While it may not be the ideal week for UFC 232, it looks like the Las Vegas-based promotion will start adding its own cryptocurrency sponsor for the final pay-per-view of 2018. Today, the Litecoin Foundation announced it the official cryptocurrency sponsor of the event and looks to be a first for the UFC, but not in MMA. This is a trend that began in Bellator MMA, more specifically with Rory Macdonald and Chael Sonnen announcing their DASH sponsorships earlier this year. Lightweight champion Michael Chandler also partnered with cryptocurrency exchange platform Coin Lion earlier this year.
In the cryptocurrency community, the comparison of bitcoin to gold and Litecoin to silver is often made. Litecoin is said to be ideal for smaller purchases like ordering a pizza or paying for groceries. This is due to the currency able to process a block in 2.5 minutes versus Bitcoin’s 10-minute processing time, making for faster transactions according to Charlie Lee, Litecoin’s founder.
The partnership is being done to raise awareness of the altcoin, according to a release.
“With UFC events like this receiving millions of viewers, having the Litecoin logo displayed on the Octagon’s canvas gives LTC global awareness that can spark interest and drive engagement with people from all walks of life who may have never heard of Litecoin or cryptocurrency before,” the statement reads.
UFC 232 is certainly getting a lot of attention this week, but more so for having to relocate to license Jon Jones as opposed his high-profile rematch against Alexander Gustafsson. The Litecoin Foundation added, “We view this sponsorship as the first step to what will hopefully be a long and fruitful relationship with UFC.”
The Litecoin logo is expected to be on the canvas for UFC 232 this Saturday at The Forum in Inglewood, Calif.
Edward Carbajal serves as the lead MMA analyst for Frontproof Media and holds a black belt in Brazilian Jiu-Jitsu and a brown belt in Ishin Ryu Karate. He has covered combat sports since 2014 and has been a fan of MMA since the first UFC. You can follow Edward on Twitter @Carbazel or at his website TheBlogBoardJungle.com.