CEBL, the Canadian men’s basketball league, will offer its professional basketball players the option to receive a portion of their salaries in cryptocurrency. The new payment option has been enabled through a partnership with Canadian cryptocurrency exchange Bitbay.
BitBuy to Convert Canadian Dollar Pay to Bitcoin
Canadian Elite Basketball League (CEBL) announced a deal with BitBuy on June 24, a few days before the start of its third season. The league, which was founded four years ago, launched in 2019 with six teams, all owned and managed by Canadian Basketball Ventures Group. It now says that the crypto partnership will be the first of its kind for any professional sports league in North America. CEBL Commissioner and CEO Mike Morale commented:
Our partnership with Bitbuy speaks volumes about our commitment to players and our forward-thinking approach to our business. We appreciate BitBuy’s investment in helping to further develop Canada’s official national pro basketball league.
With the help of BitBuy, basketball players will be able to opt-in to receive a portion of their salary in bitcoin (B T cThe trading platform will convert Canadian dollar payments into cryptocurrency and deposit the digital coins into players’ personal crypto wallets. The exchange, which has over 300,000 users in Canada, will also become an official sponsor of the league as part of the agreement with CEBL.
Basketball players ask for bitcoin pay option
According to Charlie Aikenhead, VP of Marketing at BitBuy, the partnership represents a significant change in how athletes are thinking about compensation. “We are excited to help CEBL players protect their long-term wealth by paying in bitcoin,” he said, emphasizing that the crypto company is proud to support domestic Canadian sports.
The collaboration between Bitbay and CEBL comes in response to basketball players expressing interest in crypto payments to the league’s management. He referred to the case of NFL’s Russell Okung, who last year became the first professional athlete in North America to be paid in bitcoin. In December, the Carolina Panthers offensive lineman announced that he would receive half of his $13 million salary. B T cAs of Bitcoin.com news Reported.
Guelph Nighthawks guard Kimbal McKenzie, who will be among the first CEBL players to be remunerated in crypto, was quoted in a press release as saying:
The opportunity to pay in bitcoin is something I am incredibly excited about. I believe cryptocurrency is the future.
McKenzie thinks it’s an investment that will appreciate greatly over the next decades and stresses that his decision was taken without hesitation. The crypto pay option, in his view, also shows that CEBL is one of the top professional sports leagues in the world.
Cryptocurrency prices have risen significantly over the past year as both individual investors and companies have sought to protect their funds in uncertain economic times caused by the global pandemic. B T c, the crypto with the largest market capitalization, reached a record high of over $63,000 in April. Since then it has fallen to below $40,000 per coin and is currently Business Between $35,000 and $36,000 on Saturday.
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