Litecoin reportedly intends to sponsor the Ultimate Fighting Championship title competition in mixed martial arts, which, according to the Foundation, has become a global phenomenon in the last 25 years.
In its announcement, the Litecoin Foundation noted that over the past year he had the opportunity to collaborate with “some great companies and brands” and that he will continue to explore these opportunities in 2019.
He notes that he sees "many parallels" between the growth of UFC and Litecoin, as they both saw growth due to their communities. It was further stated that this is a “milestone” for a cryptocurrency ecosystem.
This is an important milestone for Litecoin and cryptocurrency in general, since no other coin has sponsored a UFC event today. Brands and institutions continue to be drawn into cryptocurrency and blockchain; this is another signal that this technology is approaching the mainstream.
As part of the sponsorship deal, the Litecoin logo will be displayed on the canvas of the battle ring, giving “global LTC awareness that can generate interest and stimulate interaction with people from all walks of life” who may not know cryptocurrencies. It is noteworthy that the events of the UFC are watched by "millions of viewers."
According to the Foundation, this could be a step in a “long and fruitful relationship” with the organization of mixed martial arts. Charlie Lee, who created Litecoin back in 2011, as silver for gold of bitcoins, tweeted this announcement.
Since CryptoGlobe covered Lee recently, he argued that he was not to blame for the fall in 90% cryptocurrency this year. He was criticized for selling most of his LTC assets at the end of last year, when the cryptocurrency was close to its historically high level, in an attempt to avoid “conflicts of interest” when it comes to cryptocurrency.
Some of the funds he received from liquidation were reportedly donated to the Litecoin Foundation and the Massachusetts Institute of Technology Digital Currency Initiative. Litecoin itself is not managed centrally, but is maintained by the Litecoin Foundation.
Lee, a former software engineer at Google who served as director of engineering at Coinbase, focused on his role in the development of Litecoin and increasing popularity among merchants.