The British basketball club, London Lions, has entered the digital currency ecosystem by partnering with BitPay to accept digital currencies as payments for merchandise. This partnership indicates an indirect support for the acceptance of prominent digital currencies such as the dog-themed memecoin (Dogecoin) and XRP, as the club aims to bridge the gap between crypto and the sporting world.
Fans and members of the public who wish to purchase the club’s jerseys and accessories can do so through BitPay, which supports these digital currencies. Alongside Dogecoin and XRP, other digital currencies available on BitPay include Shiba Inu (SHIB), Bitcoin, and Ethereum. As one of the mainstream crypto payment platforms in the Web3.0 realm, BitPay is taking on a critical role in connecting the mainstream market with the digital currency ecosystem. For instance, it enabled Spanish Airlines to accept cryptocurrencies for tickets from customers last year.
However, this partnership is not the first of its kind. The Dallas Mavericks, an NBA team owned by billionaire investor and crypto advocate Mark Cuban, became the first basketball club to accept Dogecoin as payment for its merchandise in 2021. The London Lions joining the list proves that the perception of this nascent asset class as a key technological resource to boost blockchain adoption remains strong.
While the integration of crypto and sports has encountered setbacks such as the decline of industry giants like FTX Derivatives Exchange, this renewed trend appears promising. The London Lions’ move to support Dogecoin, XRP, and other digital currencies may establish a new path for other businesses to follow. This collaboration, however, does bring some scepticism along. The volatility of digital currencies could be a cause for concern, as they can lead to unpredictability in revenue streams for the sporting franchise. Moreover, while BitPay functions as an intermediary to smoothen the payment process, there is still a possibility of fraudulent transactions, especially during high demand periods.
Despite these concerns, the London Lions and BitPay partnership displays the potential of digital currency in revolutionizing the way people transact within various industries. This move marks a positive alignment between sports and crypto, showcasing growing acceptance and increasing utility for digital currencies, even for the once humorous tokens like Dogecoin. Nonetheless, it is essential to conduct thorough market research before investing in cryptocurrencies, as personal financial loss remains a risk.
The content presented includes the personal opinion of the author and is subject to market conditions. Ensure you do your market research before investing in cryptocurrencies. The author or the publication holds no responsibility for your personal financial loss.
Source: Coingape
