NBA's Kings to accept Bitcoin for tickets

January 16, 2014
A pile of Bitcoin slugs sit in a box on April 26, 2013 in Sandy, Utah

US basketball outfit the Sacramento Kings said Thursday they would begin accepting Bitcoin, the first professional sports team to accept the virtual currency.

Fans will be able to use Bitcoin for tickets and team merchandise from March 1, using the so-called cryptocurrency's payment processor BitPay.

The Kings said the move was part of majority team owner Vivek Ranadive's "NBA 3.0" philosophy, aimed at tapping to boost the team.

"With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets," Ranadive said in a statement.

"A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process."

Based in Sacramento, California, the Kings have done poorly since last appearing in the post-season playoffs in 2006.

As of Wednesday night, their record was 14 wins and 23 losses.

Bitcoin were trading at around one to $930 in late Tuesday, according to the MtGox market, compared to $945 late Wednesday.

Explore further: New fund launched for bitcoin investors

Related Stories

New fund launched for bitcoin investors

September 26, 2013

Bitcoin Thursday got a lift with the arrival of a new investment vehicle that lets wealthy and professional investors bet on the virtual currency.

China online marketplace Taobao to ban Bitcoins

January 8, 2014

China's largest online marketplace, Alibaba Group's Taobao, said Wednesday that it would ban the trading of Bitcoin and other virtual currencies from January 14, after a government crackdown on the units.

Banking group sees limited future for Bitcoin

January 9, 2014

The online currency Bitcoin has shown unexpected success but its future as a broadly accepted exchange medium is limited, according to a report by a global banking group Thursday.

Recommended for you

Team creates functional ultrathin solar cells

August 27, 2015

(Phys.org)—A team of researchers with Johannes Kepler University Linz in Austria has developed an ultrathin solar cell for use in lightweight and flexible applications. In their paper published in the journal Nature Materials, ...

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.