Bloomberg — The Ultimate Fighting Championship will begin paying a new bonus to its competitors in cryptocurrency, as crypto platforms get more involved in the world’s major sports leagues.
Bitcoin (XBN) payouts will be awarded to the top three fighters on every UFC pay-per-view event as decided by fan votes, with a total of $60,000 split between the winners. The UFC plans to retain its traditional cash bonuses as well for the night’s best fight and individual performance.
The UFC has been dipping into crypto since signing a 10-year, $175 million sponsorship agreement with Crypto.com last year to put the brand on its fight kits. In November, it added a multiyear licensing deal for digital collectibles.
Crypto platforms have poured hundreds of millions in sponsorship dollars into sports leagues over the past year as they pump money into marketing efforts. Crypto.com also has sponsor arrangements with the FIFA World Cup, Formula 1 and several sports franchises.
Transactions will be made through Crypto.com and the fighters will be paid in Bitcoin at a fixed dollar amount. These crypto prizes will debut at the mixed-martial arts promotion’s upcoming event in Jacksonville, Florida, on Saturday.