The Litecoin Foundation posted some information on a blog post and revealed that the digital currency would be the “Official Cryptocurrency Partner of UFC 232″. This event is slated for 29 December, Saturday in California. The headline bout on the card also shows that Alexander Gustafsson and Jon Jones will dispute the UFC light heavyweight belt.
Litecoin (LTC) Price Today – LTC / USD
It is not clear how the partnership between the cryptocurrency and the UFC will work. This is because Litecoin is not a firm like many other companies such as Reebok, Bud Light or Harley Davidson.
The most pressing partnership since Litecoin was founded
The blog post revealed how the digital asset has collaborated with different brands and firms in the year. So many of these deals have not yet been made public. However, the decision to continue with the UFC deal went on for some reasons.
The main reason is that the Litecoin Foundation has found some similarities between Litecoin and the UFC when it comes to community focus. The post reads,
“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 a part of the collaboration between the Ultimate Fighting Championship and LTC, the logo of the digital asset will be displayed around the Octagon. This is made in a bid to expose the brand to millions of viewers all over the world.
This exposure is seen as an important reason why the foundation will continue with the partnership this year rather than waiting until next year:
“This is a milestone for Litecoin and cryptocurrency in general as no other coin has sponsored a UFC event to date.”
Also, the post states that the foundation is hoping that the UFC 232 starts a long and fruitful relationship between the partners.
Can this partnership save Litecoin?
The news of this partnership comes at a time when the future of digital currencies is uncertain. One crypto fund manager, Kyle Samani, is in the forefront of this belief. In a Tweet, the Multicoin Capital co-founder stated that Bitmain, the crypto mining hardware giant is preparing to lay off more than fifty percent of its workforce.
According to the tweet,
“Reports in China are now saying that Bitmain layoffs are likely to be as high as 85%, not 50%. All non-essential business units are cut. Teams working on AI initiatives are decimated. #BitmainIPO”
Kyle Samani responded to the tweet saying:
“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”
Bitmain released an official document in August this year and stated that the firm has almost a million LTC. As it appears, if the company is being forced to restructure by the present bear market, the stash of Litecoin may be dumped on the market shortly.