The Canadian men’s basketball league, the CEBL, will allow professional basketball players to receive a percentage of their pay in bitcoin. A collaboration with the Canadian cryptocurrency exchange Bitbuy has allowed the new payment option.
Bitbuy to Convert Canadian Dollar Salaries Into Bitcoin
The partnership with Bitbuy was revealed by the Canadian Elite Basketball League (CEBL) just days before the commencement of the league’s third season, on June 24. The four-year-old league debuted in 2019 with six clubs, all of which are owned and operated by the Canadian Basketball Ventures company. It currently claims that the crypto collaboration will be the first of its type in North America for any professional sports league. Commissioner and CEO of the CEBL, Mike Morreale, stated:
Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business. We appreciate Bitbuy’s investment in helping us further grow Canada’s official national pro basketball league.
Basketball players will be able to opt-in to earn a percentage of their pay in bitcoin thanks to Bitbuy (BTC). The trading platform will transform payments made in Canadian dollars into cryptocurrencies and deposit the digital coins into the players’ personal cryptocurrency wallets. As part of the deal with the CEBL, the exchange, which has over 300,000 customers in Canada, will also become an official sponsor of the league.
Basketball Players Ask for Bitcoin Salary Option
The relationship signals a fundamental shift in how athletes think about remuneration, according to Charlie Aikenhead, VP of Marketing at Bitbuy. He went on to say, “We’re delighted to assist the CEBL’s players preserve their long-term wealth by getting paid in Bitcoin,” adding that the crypto firm is proud to promote Canadian sports.
Bitbuy and the CEBL have teamed together in response to basketball players expressing interest in making cryptocurrency payments to the league’s management. They cited Russell Okung of the NFL, who became the first professional athlete in North America to get paid in bitcoin last year.
According to Bitcoin.com News, the Carolina Panthers offensive lineman declared in December that he will receive half of his 13 million-dollar contract in Bitcoin.
Kimbal Mackenzie of the Guelph Nighthawks, who will be among the first CEBL players to be paid in cryptocurrency, was cited in a news release as saying:
The opportunity to be paid in bitcoin is something I’m incredibly excited about. I believe cryptocurrency is the future.
Mackenzie believes that this is an investment that will value significantly over the next few decades, and that his selection was simple. In his opinion, the crypto salary option further emphasizes that the CEBL is one of the best professional sports leagues in the world.
Individual individuals and businesses have tried to secure their assets amid unpredictable economic times as a result of the worldwide epidemic, and cryptocurrency values have risen considerably over the last year. In April, BTC, the cryptocurrency with the highest market value, hit a new high of nearly $63,000. It has now plummeted below $40,000 per coin, and is now trading between $35,000 and $36,000 per coin on Saturday.