During a recent public announcement, the San Jose Sharks revealed that they have started making plans on conducting payments using cryptocurrencies.
The Sharks have made history, as they are now the first NHL team to initiate cryptocurrency payments in hopes of providing much flexibility into their payment options. The team has initially planned to take advantage of some of the top currencies that include Bitcoin, Ethereum, and Dogecoin, with support for other cryptos also up in line. Adding to this, several stablecoins, including USDC, PAX, GUSD DAI, and BUSD, will also be supported, enabling another level of flexibility in payment options. The team will be using services provided by BitPay, which is a Bitcoin payment services provider located in parts of the USA and Europe.
Offerings and Expansion Plans
As a start, the team will only be allowing the sale of Season tickets and leases for luxury suites using BitPay. The team has plans to expand the number of different items for sale, with game tickets coming up next, followed by the availability of team-specific merchandise and food sales during matches at arenas. President of the San Jose Sharks, Mr. Jonathan Becher, stated in a tweet that there are many future plans for the expandability of this new system and that blockchain is going to have a significant impact in the field of sports and media that people will not anticipate. Future plans also include the sale of NFTs made out of the team’s most memorable items.
The Sharks and PayPal
Becher said that this step came naturally after PayPal’s involvement in the crypto space. Becher stated during an interview that if the team is accepting PayPal, then obviously, it will also accept crypto as well. Becher argued that crypto should be embraced and developed into a legitimate option instead of opposing it.
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The San Jose Sharks have now stepped into a small league of sports teams in the United States that have embraced crypto payments. NBA Team Dallas Mavericks have been on the news for accepting crypto, and its owner, Mark Cuban, has himself shown an immense amount of support for crypto. Although this is definitely a positive step taken by the Sharks, the volatility of the market has definitely had its impact on many supporters with the recent market crash, resulting in huge losses for many. But all hope is not lost as the market has definitely recovered back and is still on the verge of a positive growth trend.