The Canadian Basketball League (CEBL) has become the first professional sports league in North America to adopt bitcoin as a payment method.
The Canadian Basketball League has partnered with Bitbuy, a Canadian crypto platform, to provide the league’s players with bitcoin access.
According to the official announcement , Bitbuy will first convert the league players’ Canadian dollar salaries into bitcoin, and then the company will transfer bitcoin to players’ personal crypto wallets.
The latest announcement from CEBL came after Russell Okung, who plays for the Carolina Panthers in the NFL, received 50 percent of his $13 million annual wage in bitcoin.
In December 2020, Okung became the first NFL player to be paid in the world’s largest cryptocurrency.
Commenting on the latest announcement, Guelph Nighthawks player Kimball McKenzie said:
The opportunity to get paid in bitcoin is something I’m very excited about.
I think cryptocurrency is the future.
Being able to convert a portion of my salary directly into an investment that I believe will appreciate greatly over the next 10 or 30 years is a no-brainer.
CEBL continues to provide us gamers with forward-thinking opportunities, and the option to pay with Bitcoin also highlights that it is one of the best leagues in the world.
BITCOIN AND SPORT:
The role of Bitcoin and other digital currencies in the global sports industry has grown rapidly in the past few years, mainly due to the sudden rise in adoption of cryptocurrencies.
In 2019, the Dallas Mavericks became one of the first NBA teams to accept bitcoin as a form of payment for tickets and products.
Commenting on the partnership between CEBL and Bitbuy, Charlie Aikenhead, Vice President of Marketing at Bitbuy said:
We are proud to support local Canadian sports and partner with the league in this first market initiative.
We believe this represents a major shift in how athletes think about compensation, and we are excited to help CEBL players protect their long-term wealth by getting paid in Bitcoin.