According to a blog post by the Litecoin Foundation, Litecoin (LTC) will be the “Official Cryptocurrency Partner of UFC 232″. The eventuality will take place this Saturday dusk in California and the title hitch on the label will see Jon Jones and Alexander Gustafsson brawl the UFC light heavyweight belt.
It stays misleading how a partnership between the two entities will work in practice. After all, Litecoin is not a association in the same way that Bud Light, Reebok, or Harley Davidson is.
Litecoin Partnership Most Pressing to Date
The blog post sum how Litecoin has partnered with several firms and brands already in 2018. Many of these are nonetheless to come to light yet. However, the preference has been made to pull on with the UFC understanding for a few reasons.
Chief among these is that the Litecoin Foundation identifies similarities between the UFC and LTC in terms of village focus. According to the post:
“Over the last 25 years, UFC… has developed from a little grassroots transformation to a tellurian phenomenon, mostly formed on the intensely ardent community… We see many parallels to Litecoin in this way as our extraordinary village has been instrumental in our expansion and providing invariable passion and unrestrained that continues to propel us forward.”
As part of the partnership between LTC and the Ultimate Fighting Championship, the trademark of the long-established digital item will be displayed around the barbarous Octagon. This will display the currency’s “branding” to literally millions of viewers around the world.
Such bearing is also cited by the substructure as an critical reason because they will pull on with the partnership in 2018 instead of watchful until subsequent year as they will with identical deals:
“This is a miracle for Litecoin and cryptocurrency in ubiquitous as no other silver has sponsored a UFC eventuality to date.”
The post also states that the Litecoin Foundation is anticipating that UFC 232 is the start of a “long and cultivatable relationship” between the UFC and LTC.
Is UFC Partnership Enough to Save LTC?
The news of the Litecoin partnership comes just after the cryptocurrency’s destiny was expel into doubt by one crypto account manager, Kyle Samani. In a Tweet posted progressing today, the Multicoin Capital co-founder settled that the rumours that crypto mining hardware hulk Bitmain is scheming to lay off as much as 80 percent of the work force.
This is intensely bearish for BCH and LTC
The only reason to make cuts this extreme are because you’re about to run out of cash
Meanwhile, they still have 1 BCH and 1M LTC on their change sheet. Those are going to be liquidated shortly to keep the lights on https://t.co/kneSRcK2li
— Kyle Samani (@KyleSamani) December 26, 2018
An central Bitmain request from Aug of this year settled that the association binds almost one million LTC. Naturally, it total if the association is being forced into a restructure by the stream bear market, this accumulate of LTC could be dumped on the marketplace at any moment.
Related Reading: Gemini Adds Litecoin with Approval from New York Regulators
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Article source: https://www.newsbtc.com/2018/12/26/litecoin-sponsor-ufc/