Earthquakes Becomes First Major League Soccer Team to Accept Bitcoins

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Earthquakes Becomes First Major League Soccer Team to Accept BitcoinsMajor League Soccer team San Jose Earthquakes has announced that its fans will be able to purchase merchandise, concessions and tickets using bitcoin starting May 25, making it the first professional sports team to recognize bitcoin payments in its stadium.

“In the spirit of Silicon Valley, the Earthquakes are constantly looking for ways to innovate,” said club President Dave Kaval in a statement.

The club will partner with Coinbase Inc, a San Francisco bitcoin firm, to facilitate processing of bitcoin transactions to Buck Shaw Stadium. The fans must have a bitcoin wallet on their mobile devices in order to be able to carry out purchases at the club’s merchandise store, ticket gate and concession stand with smartphones or tablets that use the Coinbase Merchant app.

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Coinbase is a popular bitcoin platform that claims to have more than 1.2 million consumer wallets, 5,000 API applications and 30,000 merchants.

Sacramento Kings, a National Basketball Association team, earned the bragging rights as the first professional sports team to recognize bitcoin, reported Bloomberg. The team, which is owned by software entrepreneur Vivek Ranadive, reached a deal with payments processing firm BitPay Inc. to facilitate bitcoin transactions on the club’s online shop, which sells T-shirts, paraphernalia and jerseys.

Bitcoin exists in virtual format and is created using a complicated algorithm that requires high-powered computers. It can be traded as a commodity, though its promoters say it can be a currency that can be used to buy virtually anything from food to luxury items. It was first established in 2009 by an anonymous person going by the name Satoshi Nakamoto. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com