Litecoin Foundation to Sponsor UFC Title Match to Increase Crypto Adoption

The Litecoin Foundation is reportedly set to sponsor a title event of the Ultimate Fighting Championship (UFC), a mixed martial arts organization that, according to the Foundation, became a global phenomenon over the last 25 years.

Through an announcement, the Litecoin Foundation noted that throughout the last year it has had the opportunity to partner with “some great companies and brands,” and that it will continue to explore these opportunities in 2019.

It notes that it sees “many parallels” between UFC’s growth and that of Litecoin, as both saw their growth increase thanks to their respective communities. It further touted that the development is a “milestone” for the cryptocurrency ecosystem.

This is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date. With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream.

The sponsorship deal will see Litecoin’s logo be displayed on the fighting ring’s canvas, giving “LTC global awareness that can spark interest and drive engagement with people from all walks of life” who may not be familiar with crypto. Notably, UFC events receive “millions of viewers.”

Per the Foundation, this could be a step in a “long and fruitful relationship” with the mixed martial arts organization. Charlie Lee, who created Litecoin back in 2011 as the silver to bitcoin’s gold, tweeted out about the announcement.

As CryptoGlobe covered Lee recently argued he isn’t to blame for the cryptocurrency’s 90% decline this year. He has been criticized for selling most of his LTC holdings late last year when the cryptocurrency was close to its all-time high, in a bid to avoid a “conflict of interest” when talking about the cryptocurrency.

As reported, some of the funds he got from the liquidation were donated to the Litecoin Foundation, and to the Massachusetts Institute of Technology’s Digital Currency Initiative. Litecoin itself isn’t centrally managed, but is supported by the Litecoin Foundation.

Lee, a former software engineer at Google who has served as director of engineering at Coinbase, has been focusing on his role developing Litecoin and increasing merchant adoption.