Business

Erik Gibbs

NBA’s Cavaliers take the court with crypto partnership

The Cleveland Cavaliers of the NBA have embraced cryptocurrency like it was palming a Size-7 basketball. The team, along with its eSports offshoot, Cavs Legion GC, has entered into a partnership with UnitedCoin, a digital currency that promotes itself as a faster, more efficient alternative.

According to an official press release from the basketball team, the partnership is designed to “bring awareness” to UnitedCoin’s platform and give the Cavaliers access to the nascent crypto landscape. UnitedCoin is now the “Official Cryptocurrency Partner” of Cavs Legion, which will give it brand visibility on the group’s social media channels, as well as its virtual home court when it takes to games in the NBA 2K League. It will also see UnitedCoin signage placed at Rocket Mortgage FieldHouse, the Cavaliers’ home court, during games.

The president of business operations for the Cavaliers, Nic Barlage, says in the statement, “As decentralized technology continues to evolve, we know it is important for us to stay ahead of the curve and plan for how it will impact our fan experience and business as we move forward. We are happy to team up with UnitedCoin, a like-minded company motivated by innovative technology to help us do that and are excited about how this partnership will bring blockchain technology to life for our fans.”

UnitedCoin is equally enthusiastic, with its CEO and founder, Derek Jones, stating, “Our partnership is a great opportunity to introduce Cavs and Legion fans to our insured blockchain platform and to educate them about and the benefits of cryptocurrency, a safe and secure alternative to spending cash.”

UnitedCoin offers a payment solution that allows for both crypto and fiat payments to be made through email or over the phone. It also offers a MasterCard-branded debit card that has functionality for both currency types as well. UnitedCoin asserts that it is registered with the U.S. Securities and Exchange Commission, adding that it uses a “new consensus algorithm and chain structure resolving problems faced by classical blockchains,” according to its white paper.

This is the second deal between a major sports team and a crypto organization in the past week. The Miami Dolphins announced July 11 that it was partnering with the Litecoin Foundation and that the Litecoin digital currency was now the “official cryptocurrency” of the NFL team.

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