Sacramento Kings to accept virtual currency Bitcoin
Vivek Ranadivé and his vision for NBA 3.0 took another step forward today when the Kings announced a plan to become the first professional sports franchise to accept Bitcoin.
Beginning March 1, fans will have the ability to purchase merchandise in the Team Store, as well as by online merchandise and tickets using the popular virtual currency. According to the press release, BitPay, the largest payment processor of virtual currency, will handle the Kings transactions.
“We are maniacally focused on creating the most seamless experience for our fans in all facets,” Ranadivé said in the teams official press release. “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.”
With a new state of the art arena just over two years away, Ranadivé is getting a jump start on his vision for the new NBA fan experience. Bitcoin is just one piece to the puzzle, but there is a hidden benefit for the team as well.
“Unlike credit and debit cards, Bitpay charges a flat fee instead of a percentage of sale, which will allow the team to net more money on transactions if this becomes a more popular payment system,” wrote ESPN’s Darren Rovell.
This is not the first new innovation by the Kings fledgling ownership group and it is safe to say that it won’t be the last. The tech savvy collection of owners have major plans for this organization on a global scale and what we are seeing is just the beginning.