Bitcoin and other cryptocurrencies are making more and more appearances in the world of sports. The latest team to enter the cryptocurrency world is Australian Baseball League club Perth Heat. Wednesday, the club announcement that it has integrated crypto payments into its operations. The Heat said they had partnered with OpenNode to accept and send Bitcoin payments powered by the Lightning network.
Related reading | Venezuelan airport accepts Bitcoin payments
The baseball club is one of Australia’s most successful teams, having won four ABL Championships since the league was founded in 2010. It claims to be the first professional sports club in the world to fully embrace the digital currency.
Perth Heat integrates Bitcoin payment
The baseball club renamed itself as the “Bitcoin Baseball Team”.
As part of the partnership with OpenNode, Perth Heat is making Bitcoin the new standard for payments and payments. Players and staff will receive their salary in Bitcoin, although this is not mandatory. Players can still be paid in traditional fiat or partially in Bitcoin. However, club CEO Steven Nelkovski said all current club employees agreed with the program.
BTC trading at $59.55K | Source: BTCUSD on TradingView.com
“By embracing the underlying values of the Bitcoin Protocol, we believe the organization can achieve new levels of success on and off the pitch and remind the world of the true value of sport. We know the community views the Perth Heat as a model for success and we hope that our adoption of a Bitcoin standard will inspire others to embrace a monetary system that requires value creation to thrive, ”said Nelkovski.
As part of its Bitcoin adoption efforts, the club is also planning to “Hodl Bitcoin on the club’s balance sheet”.
Perth Heat’s new Chief Bitcoin Officer Patrick O’Sullivan shed light on the club’s latest strategic move. He said it was a way to secure his digital property rights over the world’s most secure monetary network.
“We believe the world has begun to recognize the power of sound monetary principles and are determined to take the lead. It is not a one-time purchase to guard against future uncertainties or inflationary pressures. The Perth Heat embrace the reality that the future of corporate money and cash will live on the Bitcoin blockchain. “
The club will also accept Bitcoin payments for sponsorships, merchandise and stadium concessions on match days.
Crypto regulation in Australia
Australia has made some big crypto moves this year. It has one of the highest crypto adoption rates in the world. This could be due to the country’s goal of becoming crypto-friendly. With this in mind, regulators are enacting laws to regulate cryptocurrencies in different sectors.
Australian senators last month wrote a report calling for an overhaul of financial and tax regulations to make the country a global crypto hub.
Related reading | Crypto Set To Dominate Australia’s Financial Industry In Less Than 10 Years
The Australian Securities and Investments Commission (ASIC) also recently gave the green light to a range of cryptocurrency-related ETFs. This approval could see investment funds backed by Bitcoin and Ethereum trading soon on the Australian Securities Exchange (ASX).
Additionally, Commonwealth Bank announced its partnership with US crypto exchange Gemini and blockchain analytics firm Chainalysis. It will become the first major Australian bank to offer crypto services to its clients, which it plans to launch in 2022.
Featured image by GettyImages, Chart from TradingView.com