As per the reports from Newsbtc.com, today Litecoin Foundation has announced that Litecoin (LTC) has officially partnered with Ultimate Fighting Championship (UFC) 232: Jones vs. Gustaffson 2 event. With this step, LTC has become the first ever cryptocurrency to sponsor such an event. As per Litecoin foundation’s announcement, this event will have the much-anticipated rematch between the ‘former UFC light heavyweight champion Jon Jones and UFC light heavyweight Alexander Gustaffson.’ It will happen on Dec. 29, at Forum in Inglewood, California.
Litecoin has partnered with several other firms and brands this year. With time these partnerships, as the blog says, will be revealed. With LTC being a cryptocurrency, it is naturally different from other former sports sponsors. Therefore, it is quite interesting to watch what results this partnership will bring to the table — the blog post points at a few reasons that underline the similarities between UFC and LTC. The blog post reads as-
“Over the past 25 years, UFC has evolved from a tiny grassroots movement to a global phenomenon, largely based on the extremely passionate community. […] We see many parallels to Litecoin in this way as our amazing community have been instrumental in our growth and providing unwavering passion and enthusiasm that continues to propel us forward.”
The partnership between LTC and UFC has decided upon a few aspects of brand messaging. For example, the logo to Litecoin will be displayed around the Octagon. Given the scale of the event, it will bring a lot of brand exposure to both UFC and the digital currency brand.
The Foundation’s announcement pointed at the hope of a long-standing partnership between the two brands and it also highlighted the importance of this partnership move when it said-
“This is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date.”
LTC, in general, is facing a tough time in the crypto market otherwise due to the bear market possibilities. Kyle Samani, the Multicoin Capital co-founder, expressed his views in a tweet earlier this morning that revealed that there is a rumor that ‘crypto mining hardware giant Bitmain may lay off about 80 percent of its workforce.’
Bitmain holds about 1 million Litecoins. With the current bear market trend in the crypto market, there are alarming possibilities of LTC to get disposed of anytime soon.
In October though, the crypto exchange- Gemini made an announcement about adding support for Litecoin.