Charlie Lee Says UFC Sponsorship for Litecoin (LTC) Aimed at Raising Brand Awareness
Litecoin (LTC), one of the largest digital assets in the market, has been in the news after taking the decision to support a massive sponsorship. The Litecoin Foundation decided to sponsor a UFC fight that took place back in December 2018.
Charlie Lee, the founder of Litecoin, talked during a conversation with Magical Crypto Friends about the UFC sponsorship and Litecoin.
Watch Magical Crypto Friends Episode 15: Green Screen Extremism.
In this episode: Consensys & Bitmain layoffs, Custodial LN Wallets, $LTC UFC Sponsorship, Bitcoin Maximalism vs Extremism, Grin/Beam,… @SatoshiLite @fluffypony @Excellion @WhalePandahttps://t.co/53PpvenyR6
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Lee explained that the Foundation used to sponsor several individual athletes but they have not sponsored an event. Is not so common to sponsor these kinds of shows using cryptocurrencies, and Litecoin is one of the most popular virtual currencies.
According to Lee, the decision was taken due to the fact that it could have a larger reach than just sponsoring a single player or athletes. Additionally, the intention was to build up the Litecoin brand since everyone already knows about Bitcoin but not necessarily about Litecoin. The idea was proposed by the community manager that works at the Foundation.
On the mater, he commented:
“So we wanted to build that brand and make it more well known and it’s really helped a lot. We’ve reached a lot of people, they’ve reached to us, talked about Litecoin just because they’ve heard about the UFC sponsorship.”
He went on saying that they’ve received a lot of hate from Bitcoin maximalist and supporters on social media. Twitter is one of the preferred social media for discussions regarding digital assets.
Litecoin is currently the 8th largest digital asset in the market. It has a market cap of $1.98 billion and it is being traded around $33. In the last 24 hours, it has been the largest gainer in the market with a growth of 1.68%.