Bitmain sponsors NBA’s Houston Rockets as cryptocurrency goes mainstream
AntPool, the bitcoin mining company owned by Bitmain, has pledged to invest US$500 million in the Texas economy as part of its US expansion
Bitmain Technologies, the world’s biggest supplier of cryptocurrency mining equipment, is looking to help push its industry into the mainstream through a sponsorship deal with professional US basketball team the Houston Rockets.
AntPool, the Bitmain-owned bitcoin mining company, has signed up for an undisclosed amount as a major sponsor of the Rockets in the upcoming 2017-2018 season of the National Basketball Association (NBA), according to an AntPool statement on Wednesday that was posted on Facebook.
“As the cryptocurrency industry around the globe continues to evolve and develop, it is going to be more and more important for companies like AntPool to lead the conversation and conversion of consumers to adopt and understand digital currencies,” said Li Haijiao, the head of AntPool’s overseas operations.
While bitcoin remains the largest digital currency by market cap, most people still do not use cryptocurrencies every day, which means the industry has yet to achieve mass adoption. News, however, of institutional interest in the space by the likes of asset management giant BlackRock, as well as a collaboration between New York Stock Exchange owner Intercontinental Exchange, Starbucks and Microsoft on a digital asset platform, means digital currencies have started to engage a wider audience than just the financial fringe.
Bitcoin prices spiked to around US$19,000 in December last year, but have since slumped to a trading range around US$6,000-US$8,000 in recent months.
