Litecoin: First Crypto to Sponsor the UFC

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Litecoin Foundation has announced that Litecoin (LTC) is slated to be the “Official Cryptocurrency Partner of UFC 232.” In a blog post published on Litecoin Foundation’s website on December 27, the event is scheduled to transpire on December 29 in California featuring the headline match between Jon Jones and Alexander Gustafsson fighting for the UFC light heavyweight belt.

However, how the partnership will turn out is still uncertain due to Litecoin’s dissimilarity compared to companies like Bud Light, Reebok, or Harley Davidson.

The blog post also mentions how Litecoin has previously worked with numerous companies and brands in 2018, many of which have yet to come into fruition. The decision to push through with the UFC partnership has been brought about by several factors.

One of these is the fact that Litecoin Foundation sees a connection between UFC and LTC with regards to “community focus.” The blog post states:

“Over the last 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 has been instrumental in our growth and providing unwavering passion and enthusiasm that continues to propel us forward.”

As part of the collaboration, LTC’s logo will be on full display around the legendary Octagon ring, exposing the crypto asset’s “branding” to millions of viewers all over the world.

Litecoin Foundation also cites this “exposure” as another reason for pushing through with the deal this year instead of waiting until 2019, saying:

“This is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date.”

According to the company blog post, Litecoin Foundation hopes that UFC 232 is just the beginning of a “long and fruitful relationship” between the UFC and LTC.

News about the LTC-UFC partnership comes after the statement made by Multicoin Capital co-founder Kyle Samani, which cast a shadow of doubt on the future of digital currency. In a Twitter post on December 26, Samani writes about rumors concerning Bitmain’s plans to dismiss about 80 percent of its workforce.

This is extremely bearish for BCH and LTC

The only reason to make cuts this drastic are because you’re about to run out of cash

Meanwhile, they still have 1 BCH and 1M LTC on their balance sheet. Those are going to be liquidated soon to keep the lights on https://t.co/kneSRcK2li

— Kyle Samani (@KyleSamani) December 26, 2018

According to Bitmain’s official document in August, the crypto mining hardware behemoth keeps close to one million LTC. The current crypto bear market has perhaps forced Bitmain to restructure, which may also result in the company releasing its LTC stockpile to the market.