2 years ago
The Washington Nationals shot squad said Wednesday it volition “explore” in-stadium payments of Terra’s UST stablecoin arsenic portion of a astir $40 cardinal sponsorship.
The thrust of that woody centers connected exclusive seating naming rights. For the adjacent 5 years, the ballpark’s location sheet VIP lounge volition beryllium called “The Terra Club” and diagnostic crypto branding prominently.
“The Nationals proceed to propulsion the envelope,” Mark D. Lerner, managing main proprietor of the Washington Nationals, said successful a blog post. “We are excited to spouse with Terra to sanction our astir exclusive nine and research bringing almighty caller instrumentality experiences to Nationals Park, including the usage of UST cryptocurrency to marque purchases.”
CoinDesk preempted the authoritative announcement with a cheeky investigative essay published Tuesday that correctly predicted the tie-up.
Accepting UST payments would spot the Nationals successful a tiny but increasing tract of crypto-friendly sports stadiums. Mark Cuban’s Dallas Mavericks hoops squad began taking DOGE past year. Meanwhile, chap National Basketball Association franchise the Sacramento Kings tapped bitcoin backmost successful 2014.
The Nationals sponsorship is besides notable due to the fact that of its crossover with crypto governance. The Terra decentralized autonomous organizations (DAO) overwhelmingly voted successful favour of partnering with a enigma U.S. sports franchise to the tune of astir $40 million. Holders of the network's autochthonal LUNA token went into the vote, which concluded Tuesday, knowing astir each facet of the sponsorship – prevention the sanction of their prospective partner.
“This first-of-its-kind concern betwixt a DAO and a sports franchise opens a caller satellite of opportunities for bringing crypto and DeFi to the masses,” Do Kwon, the laminitis of Terraform Labs, said successful a statement. “By approving this sponsorship deal, the assemblage has a caller mode to prosecute and amended the public, including the argumentation makers doing important enactment successful Washington, D.C., astir decentralized wealth and the burgeoning exertion that underlies it.”
Kwon and Terraform Labs are some presently nether probe by the Securities and Exchange Commission (SEC) connected imaginable charges that the Mirror Protocol, developed by Terraform, allows synthetic stocks to commercialized successful usurpation of U.S. law.
The SEC served Kwon a subpoena past twelvemonth during a cryptocurrency conference, though helium denied helium had been served until helium decided to record a suit against the SEC alleging the regulator violated norms successful serving him the subpoena.
UPDATE (Feb. 9, 2022, 17:15 UTC): Adds SEC suit context.
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Danny is CoinDesk's lawman concern editor. He owns BTC, ETH and SOL.
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