December 27, 2018 | AtoZ Markets -Recently, the Litecoin Foundation, a non-profit organization registered in Singapore announced in their blog, that Litecoin will become the “ UFC 232 official cryptocurrency partner ” in one of the Ultimate Fighting Championship (UFC) title fights.
Litecoin’s technical features are almost identical to Bitcoin. The creation and transfer of coins are based on an open source cryptographic protocol and is not controlled by any central authority. Litecoin Foundation, in its turn, with members around the world, is promoting Litecoin for the benefit of society by developing and promoting modern blockchain technologies.
There Are Certain Concerns, But Collaboration Still Might Succeed
Despite positive attitude, it is unclear how the partnership between the two organizations will work in practice. In the aforementioned blog Litecoin Foundation described how Litecoin collaborated with various companies and brands in 2018. Although, many of these organizations have not yet been defined, it was decided to promote the UFC agreement. As explained by representatives of the Singapore-based company, this happened for several reasons. The main argument for the Litecoin Foundation is the fact that the UFC and LTC are similar in terms of public attention. In their blog, Litсoin Foundation explained that over the past 25 years, the UFC has evolved from a tiny mass movement into a global phenomenon, largely based on an extremely passionate community. Nonprofit Singapore-based organization points on "many parallels between UFC and Litecoin". The company emphasized that "our amazing community has contributed" to the development of Litecoin. Representatives of the Litecoin Foundation added that the unwavering passion and enthusiasm of the "interested society" continues to push the company forward. "
Within the framework of the partnership between LTC and the Ultimate Fighting Championship, a logo of the digital asset will be displayed on the UFC Octagon’s canvas.
As Litecoin Foundation officials stated, such move “gives LTC global awareness that can spark interest and drive engagement with people who may have never heard of Litecoin or cryptocurrency before.”
"This is an important milestone for Litecoin and cryptocurrency in general since no other coin has sponsored the UFC event today," says the Litecoin Foundation blog.
Concluding their note the organization expressed hope for a "long and fruitful relationship" between the UFC and LTC, for which the beginning was UFC 232.
The news about the partnership between Litecoin and UFC appeared immediately after cryptocurrency manager Kyle Samani questioned the future of cryptocurrency through his twitter account. In a post earlier today, the co-founder of Multicoin Capital said it was rumored that the crypto mining giant Bitmain was preparing to lay off up to 80 percent of its workforce. The official Bitmain document of August of this year states that the company owns almost one million LTC. Naturally, he shows that if the current bear market forces the company to restructure, this stock of LTC may appear on the market at any time.
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