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Bitcoin Now Accepted Here, NBA Team Says

Pro Basketball Team the Sacramento Kings is the first major pro sports franchise to accept the virtual currency.

The NBA's Sacramento Kings became the first professional sports franchise to accept Bitcoin, allowing fans to buy merchandise and tickets with the virtual currency.

The Bitcoin purchases will be processed through BitPay, which bills itself as the world's largest payment processor for virtual currencies.

According to a press statement, The Kings' majority team owner Vivek Ranadivé -- who purchased the team earlier this year -- has directed a business philosophy coined "NBA 3.0," which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento, the team said.

“We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé in the statement. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. 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.”

[See Also: Startup Set To Introduce First Bitcoin ATM]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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IvySchmerken
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IvySchmerken,
User Rank: Author
1/22/2014 | 7:34:25 PM
re: Bitcoin Now Accepted Here, NBA Team Says
Yes, Vivek Ranadive, CEO of TIBCO and now majority owners of Sacramento Kings, was instrumental in developing a digital data distribution system for Wall Street still used on trading floors. It was a big deal in the late 1980s/early 1990s. Interesting to see him applying innovation in the form of Bitcoin to allow fans to purchase tickets without "reaching into their pockets."
Nathan Golia
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Nathan Golia,
User Rank: Author
1/17/2014 | 7:10:18 PM
re: Bitcoin Now Accepted Here, NBA Team Says
So the Kings' owner, per WIki, is" the founder and CEO of TIBCO, a multi-billion dollar real-time computing company, and is credited with digitizing Wall Street in the 1980s with his first company, Teknekron Software Systems." Very savvy to stake the NBA 3.0 claim before the Warriors, nearer to the Bay Area in Oakland, can do so.
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