The Canadian Elite Basketball League (CEBL) has agreed to offer it's professional basketball players the option to receive a portion of their salary in cryptocurrency.
The new payment option, Bitbuy, will enable the basketball players to receive a portion of their salary in bitcoin (BTC).
As at the time of writing this news, the following information was gathered;
The Canadian Elite Basketball League (CEBL) disclosed before the commencement of its third season, on June 24, that it was going into a contract with Bitbuy to facilitate the payment of a portion of the salary of it's professional basketball players in cryptocurrencies.
It was also gathered that the league which was founded four years ago, owned by and managed by the Canadian Basketball Ventures group and in 2019 launched six teams, has decided to go into partnership with crypto for the first of it's kind for any professed sports league in North America.
The basket players will be able to opt-in to receive a portion of their salary in bitcoin (BTC) with the help of Bitbuy.
On that account, the trading platform will convert the Canadian dollar payments into cryptocurrency and deposit the digital coins to the players personal crypto wallet.
As part of the agreement with CEBL, the exchange (Bitbuy) which has more than 300,000 users in Canada will become an official sponsor of the league.
Vice President of Marketing at Bitbuy Charlie Aikenhead disclosed that the partnership will represent a significant shift in how athletes are thinking about compensation, thus Aikenhead speaks in the following dimension "we are excited to help the CEBL 's players protect their long-term wealth by getting paid in Bitcoin", he further emphasised that the crypto company is proud to support homegrown Canadian sport.
Other important updates from the news include;
The agreement between Bitbuy and CEBL comes in response to the basketball players expressing concern in crypto payments to the league's management. They cited the case of NFL's Russell Okung who last year became the first professional athlete in North America to be paid in bitcoin.
In addition, Bitcoin.com news disclosed that the Caroline partners offensive lineman disclosed that he would be getting half of his 13 million-dollar salary in BTC. Among other beneficiaries Kimball Mackenzie disclosed that his decision was a no-brainer as he thought that the Investment will appreciate greatly over the next decades. The crypto salary in his view, also highlights that the CEBL is one of the top professional sports leagues in the world.
In conclusion, over the past year as both individuals and companies sought to protect their funds in uncertain economic times due to global pandemic brought a significant increase in the prices of cryptocurrencies. As it stands BTC, the crypto with the largest market capitalization reached a record high of over $63,000 in April, has dropped below $40,000 per coin and is trading between $35,000 and $36,000 on Saturday.
What are your thoughts on the agreement between CEBL and Bitbuy?
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