Sacramento Kings set to become first NBA team to offer bitcoin salary option

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The Sacramento Kings of the National Basketball Association are poised to become the first major sports organization to offer a payment option in cryptocurrency to all players and staff, team chairman and CEO Vivek Ranadivé disclosed on Monday.

Ranadivé said that everyone in his organization could be paid their salary in Bitcoin if they choose. The story leaked soon after a Twitter comment from a member of the Clubhouse audience.

“I’m going to announce in the next few days that I’m going to offer everyone in the Kings organization, they can get paid as much of their salary in bitcoin as they want, including the players,” Forbes quoted Ranadivé as saying.

First NBA team to offer crypto pay option

This will make the Sacramento Kings the first-ever professional sports team to offer such a payment option in bitcoin, the largest cryptocurrency available in the market today, Coindesk said.

The California NBA team is well known for its belief in digital currency. In a recent blog post, it restated its advocacy for blockchain technology, reminding it was the very first NBA team to accept cryptocurrency as a payment option as far back as 2014.

The Kings started selling everything from tickets, merchandise to hotdogs for bitcoin in 2014 and in 2019 unveiled a reward token for fans. The team collaborated with BitPay for the 2014 offering. BitPay did not immediately respond to a request for comment from CoinDesk.

Mass crypto adoption

Ranadivé pointed out that accepting Bitcoin then was one step closer to fans leaving their wallets at home, as his own children would ask him why the Kings was not accepting cryptocurrency.

Gradually, more teams in the NBA have been adopting cryptocurrency and decentralized finance. Last month, Dallas Mavericks owner Mark Cuban announced they’ll be accepting Dogecoin (DOGE) as payment for merchandise and tickets.

Not long after, the billionaire confirmed they immediately received more than 20,000 Dogecoin transactions making the Mavericks the biggest Dogecoin merchant in the world.

Image courtesy of Rūdolfs Klintsons/Pexels

Jet Encila

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Jet Encila

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