Crypto

San Jose Sharks Becomes First NHL Team To Accept Crypto Payments

Sharks will accept Bitcoin, Ethereum, Dogecoin, and other digital currencies through BitPay.

The San Jose Sharks became the first NHL team to break the ice and start offering cryptocurrency tickets. The Sharks will now join other US professional sports teams such as the Dallas Mavericks, Sacramento Kings and Oakland A, as well as other teams accepting cryptocurrency for ticket sales.

To that end, San Jose will partner with BitPay to accept a range of cryptocurrency payment options, including Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Bitcoin Cash (BCH), and Wrapped Bitcoin (WBTC). In addition, five stablecoins pegged to the US dollar (GUSD, USDC, PAX, DAI and BUSD) will be accepted.

Initially, only season tickets and luxury suite rentals will be sold through BitPay, with regular game tickets expected in the future. The plan also includes the possible addition of goods and even the sale of food in the arena.

In the long term, the crypto project could expand even more, said team president Jonathan Becher. “I think blockchain will have a bigger impact on sports and entertainment than people think.” Becher tweeted… The team even came up with the idea of ​​creating shark memorabilia in the form of the NFT collection. Beecher said this is the next natural step for the team and organization after PayPal’s transition to cryptocurrency.

San Jose would feel much more confident using it as a payment method, given that PayPal is already being used by the team’s platform. Becher said in an interview with Sports Business Journal: “We accept PayPal, so by definition we accept cryptocurrency. Why not embrace it and make it more visible than just doing it through a third party? ”

Another step towards an American sport that fully supports crypto payments

As mentioned above, the San Jose Sharks is joining a small group of other professional sports teams in the United States to offer cryptocurrency payments for tickets or merchandise. Perhaps the most prominent example of teams sharing crypto culture is the Dallas Mavericks. It doesn’t hurt that their owner, Mark Cuban, was a strong proponent of digital currencies and even started his own NFT trading platform called Lazy.

Mavericks has been accepting bitcoin payments since 2019 and has even expanded to offer cryptocurrency payments on its online store.

Sacramento Kings is another NBA franchise that uses cryptocurrency. Although, in a different way. While the team became the first major team in all sports to offer cryptocurrency purchases, they took a step forward in digital assets in 2021. Earlier this season, the franchise announced that it will offer more than just players the ability to receive payments in cryptocurrency. … but also any of the team members.

The volatility of the cryptocurrency market makes these transactions very unique as the “price” paid for jobs can fluctuate significantly on a daily basis. For example, when Oakland Athletics listed 10 luxury apartments, one bitcoin each, the price of BTC was close to its peak at $ 59,000.

After the sale, the price of bitcoins dropped to $ 35,000, which means the team lost over 40% of the profits from those tickets sold. The team also started accepting DOGE as an option, and like Bitcoin, the price dropped after the tickets were sold.

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