Mark Cuban's Dallas Mavericks will support bitcoins as a method of payment, the NBA team announced via a press release on Tuesday. Specifically, the team is allowing fans to purchase tickets and merchandise online through a partnership with cryptocurrency payments processing firm Bitpay. This move makes the Mavs the second team in the NBA to accept bitcoin. In 2014, the Sacramento Kings became the first.
“We want our fans who would like to pay with Bitcoin [to have] the opportunity to do so. BitPay allows our global fans to seamlessly make purchases with the Mavs,” said Dallas Mavericks owner, Mark Cuban.
This is not Cuban's first foray into cryptocurrencies. In 2017, the American businessman backed 1confirmation, a venture capital firm dedicated to investing in crypto-related startups and projects. Back then, Cuban told CNBC that cryptocurrencies "is an interesting space that I [want] to get involved with and learn more."
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.