Ohio-based professional basketball team the Cleveland Cavaliers (The Cavs), along with its associated esports club Cavs Legion GC, have partnered with the cryptocurrency firm UnitedCoin. The National Basketball Association (NBA) announced the new partnership in a press release on July 15.
The partnership will reportedly be used to advertise UnitedCoin and provide the Cavs with an inroad to the fintech sector via cryptocurrency.
For the Cavs, one aspect of this partnership will reportedly be LED signage inside Rocket Mortgage FieldHouse during Cavs games.
The Cavs Legion will reportedly advertise UnitedCoin as its official cryptocurrency partner. Within NBA 2K, this means that UnitedCoin will be displayed on the team’s in-game home court. The Cavs Legion will also put UnitedCoin’s brand on social media, as per the announcement.
According to the press release, UnitedCoin includes a service to transact with both fiat money and cryptocurrencies via phone or email. The company has also issued a Mastercard debit card, which likewise has both fiat and crypto functionality.
As per its website, UnitedCoin is registered with the United States Securities and Exchange Commission and is still in an early-access phase. According to its whitepaper, UnitedCoin employs a new type of consensus algorithm and chain structure that purportedly solves some problems with traditional blockchains.
As previously reported by Cointelegraph, the Miami Dolphins announced on July 11 that Litecoin is the team’s official cryptocurrency. The team will set up home stadium kiosks to let fans participate in their 50/50 raffle with cryptocurrencies.