Bitcoin and other cryptocurrencies are increasingly appearing in the world of sports. The newest team to enter the world of cryptocurrency is the Australian Baseball League club Perth Heat. On Wednesday, the club announced that it has integrated crypto payments into its operations. The Heat said they partnered with OpenNode to accept and send Bitcoin payments powered by the Lightning Network.
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The Baseball Club is one of Australia’s most successful teams, having won four ABL championships since the league’s formation in 2010. It claims to be the first professional sports club in the world to fully embrace the digital currency.
Perth Heat Integrates Bitcoin Payment
The baseball club remarked itself to be called “the Bitcoin baseball team.”
As part of the partnership with OpenNode, Perth Heat is setting Bitcoin as the new standard for payments and payouts. Players and employees will receive their salary in Bitcoin, although it is not mandatory. Players can still be paid in traditional fiat or partially in Bitcoin. However, the club’s CEO, Steven Nelkovski, said all of the club’s current employees were on board with the scheme.
BTC trading at $59.55K | Source: BTCUSD on TradingView.com
“By embracing the underlying values of the Bitcoin protocol, we believe the organization can achieve new levels of success both on and off the field and remind the world of the true value of sports. We know the community is watching the Perth Heat. as a model of success and we hope that our adoption of Bitcoin Standard will inspire others to accept a monetary system that requires value creation to thrive, ”Nelkovski said.
As part of its efforts to adopt Bitcoin, the club is also planning to “Hodl Bitcoin on the club’s balance sheet.”
Patrick O’Sullivan, Perth Heat’s new Chief Bitcoin Officer, has shed more light on the club’s latest strategic move. He said it is a way to secure their digital ownership rights on the world’s most secure currency network.
“We believe the world has begun to recognize the power of sound monetary principles and are determined to lead from the front. This is not a one-time purchase to protect against future uncertainties or inflationary pressures. The Perth Heat accepts the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain. “
The club will also accept Bitcoin payments for sponsorships, merchandise, and stadium concessions on game days.
Cryptographic Regulation In Australia
Australia has made big crypto moves this year. It has one of the highest crypto adoption rates in the world. This could be due to the country’s goal of becoming crypto-friendly. In line with this, regulators are making laws to regulate cryptocurrencies in different sectors.
Last month, Australian senators wrote a report pressing a review of financial and tax regulations to make the country a global crypto center.
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The Australian Securities and Investments Commission (ASIC) has also recently given the green light to a range of ETF-related cryptocurrencies. This approval could see Bitcoin and Ethereum-supported investment funds trade on the Australian Stock Exchange (ASX) soon.
Additionally, Commonwealth Bank has announced its partnership with US crypto exchange Gemini and blockchain analysis firm Chainalysis. It will become the first major Australian bank to offer crypto services to its customers, which it plans to launch in 2022.
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