CEBL, the Canadian men’s basketball league, offers its professional basketball players the opportunity to receive part of their salaries in cryptocurrency. The new payment option was made possible through a partnership with the Canadian cryptocurrency exchange Bitbuy.
Bitbuy to convert Canadian dollar salaries to Bitcoin
Canada’s Elite Basketball League (ELECTRIC WIRE) announced the deal with Bitbuy days before the start of the third season on June 24th. Founded four years ago, the league kicked off in 2019 with six teams, all owned and managed by the Canadian Basketball Ventures group. It is now said that the crypto partnership will be the first of its kind for a professional sports league in North America. CEBL Commissioner and CEO Mike Morreale commented:
Our partnership with Bitbuy speaks for our commitment to gamers and also for our future-oriented approach to how we run our business. We appreciate Bitbuy’s investment in helping us grow Canada’s official national professional basketball league.
With the help of Bitbuy, the basketball players can choose to receive part of their salary in Bitcoin (BTC). The trading platform will convert the Canadian dollar payments into cryptocurrency and deposit the digital coins into players’ personal crypto wallets. The exchange, which has more than 300,000 users in Canada, will also become the league’s official sponsor under the terms of the agreement with the CEBL.
Basketball players ask about Bitcoin salary option
According to Charlie Aikenhead, VP of Marketing at Bitbuy, the partnership represents a significant shift in the way athletes think about compensation. “We’re excited to help CEBL players protect their long-term assets by getting paid in Bitcoin,” he added, emphasizing that the crypto company prides itself on supporting Canadian native sports.
The collaboration between Bitbuy and the CEBL comes in response to basketball players expressing interest in crypto payments to the league’s management. They were referring to the case of Russell Okung of the NFL, who last year became the first professional athlete in North America to be paid with Bitcoin. In December, the Carolina Panthers offensive lineman announced he was in for half of his $ 13 million salary BTC, as Bitcoin.com News reported.
Guelph Nighthawks’ security guard Kimbal Mackenzie, who will be among the first CEBL players to receive compensation in cryptocurrency, was quoted in a press release as saying:
The ability to get paid in Bitcoin is something I’m incredibly excited about. I believe cryptocurrency is the future.
Mackenzie believes this is an investment that will appreciate greatly in value over the next few decades, and insists that his decision was a given. From his point of view, the crypto salary option also underlines that the CEBL is one of the top professional sports leagues in the world.
Cryptocurrency prices have risen significantly over the past year as both individual investors and companies sought to protect their funds during uncertain economic times due to the global pandemic. BTC, the cryptocurrency with the largest market cap, hit a record high of over $ 63,000 in April. It has since fallen below $ 40,000 per coin and is currently at trade between $ 35,000 and $ 36,000 on Saturday.
Do you expect other sports leagues to offer their players the option to get paid in cryptocurrency? Let us know in the comments section below.
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