The Litecoin Foundation has partnered with Ultimate Fighting Championship (UFC), one of the leading mixed martial arts organizations, in a deal to promote the cryptocurrency.
The deal will see the litecoin logo displayed on the octagonal fighting canvas at an upcoming event called UFC 232 – a rematch between former UFC light heavyweight champion Jon Jones and light heavyweight Alexander Gustafsson. The fight is scheduled to take place on Dec. 29 in California.
Claiming to be the first crypto sponsor for a UFC event, Litecoin Foundation said Thursday that the “millions of viewers” at such events would help raise global awareness and drive interest in litecoin.
“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 foundation, which aims to help promote adoption of the cryptocurrency, also said it hopes to continue the UFC partnership in the longer term.
Most recently, as revealed by Charlie Lee, the creator of Litecoin and a long-time crypto diehard, the LTC logo will make its way onto the stage of UFC (Ultimate Fighting Championship) 232: Jones Vs. Gustaffson 2.
Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA! Read more: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH
— Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018
In an announcement released in tandem with Lee’s tweet on the matter, John Eidson, the director of marketing & communications at the Litecoin Foundation, explained that the aforementioned asset will become the “Official Cryptocurrency Partner” of the upcoming sports event, which will take place this Saturday (December 29th) in Inglewood, California. The match, which will be the last UFC contest of 2018, will see Jones challenge Gustafsson in a Light Heavyweight match.
Nevertheless, Lee’s announcement took a negative string, as many crypto peers pointing ‘Litecoin serves no purpose’. Very soon, the tweet caught the eyes of many crypto enthusiasts where few agree to Francis’s view whereas few denied.
As against to Francis claims, one of the members of Litecoin community argued that ‘calling Litecoin a shitcoin is like calling bitcoin shitcoin‘, noting that;
It’s a nearly identical clone but running scrypt. It can’t be dumped by saroshi. It’s CHEAP, it’s fast, fees are lower and it’s on every exchange… I get you Maximilist…but if 99% then 20 are left.
As such, the other supporter argued ‘calling LTC a Ponzi is the same as calling Bitcoin a Ponzi’.
LMAO…. Calling LTC a Ponzi is the same as calling Bitcoin a Ponzi.
While there is a significant possibility that BTC will be the only to survive the coin wars… "There is no room for more than one" is naive.
It's way too easy to accept both, for one to magically die off.
— Lightning Master Hub ⚡ [BTC LTC] (@LN_Master_Hub) December 27, 2018
Is UFC Partnership Enough to Save LTC?
The news of the Litecoin partnership comes just after the cryptocurrency’s future was cast into doubt by one crypto fund manager, Kyle Samani. In a Tweet posted earlier today, the Multicoin Capital co-founder stated that the rumours that crypto mining hardware giant Bitmain is preparing to lay off as much as 80 percent of its work force.
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