The London Lions basketball club, which competes in the British Basketball League, the top tier of British basketball, supports cryptocurrency payments. The basketball club giant announced the altcoins it will support as a payment method in partnership with Bitpay.
London Lions collaborate with Bitpay for cryptocurrency payments
The partnership represents a significant move by the basketball club as it bridges the gap between crypto and the world of sports. According to the official announcement, it will now accept payments with XRP and DOGE for sports products it offers on its website.
Thousands of fans who want to shop at London Lions can now pay via BitPay. Alongside DOGE and XRP, the Shiba Inu excels in payments with Bitcoin (BTC) and Ethereum.
BitPay is a payment service provider focused on cryptocurrencies. The firm has helped raise interest from more companies through related partnerships over the past few years. Its efforts are of particular interest to crypto giants such as BTC, ETH, XRP and DOGE, which it includes on its platform.
Basketball and cryptocurrencies
London Lions, the last name to join the list as a British basketball club, made a move especially after a series of partnerships in the USA. Meanwhile, partnerships between the crypto and sports industry are in a bit of a downturn with the bankruptcy of FTX. The London Lions’ move shows that clubs are now moving in that direction again.
The Dallas Mavericks, an NBA team previously owned by billionaire investor Mark Cuban, became the first basketball club to accept DOGE as payment for their products in 2021. This decision of the NBA team was largely due to Mark Cuban’s affinity for crypto. Meanwhile, Cuban predicts that most altcoins will perish, with only those with smart contract capabilities surviving.
Sacramento Kings will be the first team to accept Bitcoin
Years ago, Bitpay and basketball team Sacramento Kings collaborated for Bitcoin payments. In the 2014 season, the team began to evolve with new owner Vivek Ranadive. One of these steps was towards cryptocurrencies. As ESPN.com’s Darren Rovell announced, the Sacramento Kings became the first NBA team to accept Bitcoin:
Bitcoin users buy cryptocurrencies and load them into a virtual wallet. While there is risk for Bitcoin holders, it is not risky for Kings as digital cash can be wiped out. The team will use BitPay, the Bitcoin processor that accepts digital dollars and pays Kings real cash. Unlike credit and debit cards, BitPay charges a flat fee rather than a percentage of sales. This allows the team to earn more money from transactions if it becomes a more popular payment system.
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