Home / Crypto Currency / Blockchain Startup Inks Sponsorship Deal with British Masters Tournament

Blockchain Startup Inks Sponsorship Deal with British Masters Tournament


British masters blockchain golf

Advertisement

A blockchain startup is going to be an official sponsor for a professional golf tournament in the United Kingdom.

LIFElabs, a philanthropy-based crypto company, has entered into a sponsorship deal with the Sky Sports British Masters tournament, which is scheduled to begin next week. The partnership would mark LIFElabs as the first digital currency firm that backed a mainstream golf tournament alongside major corporations including Adidas, TaylorMade, and Ladbrokes.

LIFElabs says that it will utilize a globally-covered platform like the British Masters to advance the use of its institutionalized LIFEtokens. The firm has orchestrated a hole-in-one competition in which “the first player to hole an ace on the 222-yard hole” will win a bonus of £12,000. The prize money will be converted from LIFEtokens to GBP and will be further matched with a donation from LIFElabs to support Cancer Research UK Kids & Teens and The European Tour Foundation.

“We partnered with the European Tour because it is an innovative brand within the golfing world, with one eye firmly fixed on the future,” Luke Chittock, the chief executive of LIFElabs, said. “As such, both LIFElabs and the British Masters are looking to make a real difference to people’s lives, both here in the UK and across the rest of the world.”

The partnership also expects to serve clear evidence of the growing collaboration between crypto and sports organizations. Earlier this year, famous football club Liverpool won its official foreign exchange partner in TigerWit, a blockchain-based trading app. The industry also witnessed mainstream football clubs launching their crypto tokens for the purposes ranging from crowdfunding to reward distribution among fans.

Max Hamilton, Head of Commercial Partnerships at the European Tour, said that he is “delighted” to have LIFElabs as the firm’s main sponsor.

“This is an exciting time for the Sky Sports British Masters, and we’re delighted to welcome LIFElabs as an Official Sponsor for the event,” he said. “Following on so soon after The Ryder Cup, this year’s British Masters promises to be a fantastic occasion, with a popular and worthy host in Justin Rose. LIFElabs is a progressive business and a great fit for the Sky Sports British Masters.”

Featured Image from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter. Barclays Puts Crypto Trading Project on Hold U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation” claimed. The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. The quartet had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle. No specific reason was given for the decision, only that the project was put “on ice.” In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded. However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.” Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August. Competition in Crypto Space Begins to Heat Up Barclays’ potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk. Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman’s chief financial officer Marty Chavez called the report “fake news.” Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors. Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures via its Bakkt platform this coming November. Featured image from Shutterstock. The post Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.