The Dallas Mavericks rolled out cryptocurrency payments for their fans which made the basketball club the second NBA team to accept bitcoin. The payments are already being accepted for tickets and merchandise through BitPay. The popular payment processor confirmed the news by tweeting on August 13 and welcoming the Mavericks onboard.
Early last year, the team’s owner and billionaire tech investor Mark Cuban hinted that fans would soon be able to use bitcoin to buy tickets to the team’s games. One and half years later, he carries out the promise.
“We want our fans who would like to pay with bitcoin the opportunity to do so,” Dallas Mavericks Owner Mark Cuban said. “BitPay allows our global fans to seamlessly make purchases with the Mavs.”
What’s interesting is that the owner of the Mavericks has previously expressed skepticism towards bitcoin and likened it to gold.
Prior to the move to start accepting crypto, Mr. Cuban has been involved in the crypto space through investments in a digital currency hedge fund and an ICO, and the launch of the Ethereum-based Mercury Protocol in August 2017.
For BitPay, this is their latest partnership in a series of deals made this year.
Previously, AT&T, the American telecom powerhouse, started supporting bitcoin through BitPay. Sonny Singh, BitPay’s chief commercial officer, told Bloomberg at the time of the partnership that such moves will help to dramatically boost bitcoin in the months and years to come.
Businesses choose BitPay because they want protection from bitcoin price volatility.
Here’s how it works. BitPay accepts bitcoins on behalf of the business. The business can choose to take bitcoin or fiat currency or a split. If the business chooses to take 100% fiat currency, the funds are deposited into the business’ bank account minus a 1% fee BitPay charges for the entire process. Otherwise, the funds stay in the business’ BitPay wallet.
The first NBA team to accept bitcoin for promotional products and tickets were the Sacramento Kings in 2014.
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