The professional golf tournament in the United Kingdom has been featured in an official partnership deal involving a blockchain startup; LIFElabs. The philanthropy-based crypto company has closed in on a deal with Sky Sports British Masters tournament which will commence as early as next week.
The Sponsorship Deal
This partnership deal will make LIFElabs the pioneering virtual currency firm to back a world-class golf tournament as it has been co-sponsored by the world’s biggest brands such as Adidas, TaylorMade, and Ladbrokes.
The crypto startup stated that it would be using the world coverage platform such as the British Masters to popularize the use of institutionalized LIFEtoken. LIFElabs has orchestrated a “hole-in-one” competition where “the first player to hole an ace on the 222-yard hole” will be claiming a prize of £12,000.
The above-stated cash prize would be converted from LIFEtokens to GBP and will be later matched with a donation from LIFElabs in order to provide requisite support for Cancer Research UK Kids & Teens and The European Tour Foundation.
Why Sponsor in the First Place?
Luke Chittock, the chief executive of LIFElabs, has expressed the underlining reason for the sponsorship stating that;
“We partnered with the European Tour because it is an innovative brand within the golfing world, with one eye firmly fixed on the future,” he further stated that; “As such, both LIFElabs and the British Masters are looking to make a real difference to people’s lives, both here in the UK and across the rest of the world.”
This partnership cum sponsorship is also expected to birth a clear evidence of the growing collaboration between crypto and sports organizations. Earlier this year we have some English league teams collaborating with blockchain and crypto firms such as Wolves and Coin Deal as well as Liverpool and TigerWit, a blockchain trading app. Also, the global sports industry experienced world-class football clubs like Juventus and Paris Saint Germain launching their tokens for the purpose of crowdfunding and to incentivize fans.
Head of Commercial Partnerships at the European Tour, Max Hamilton, expressed his optimism about the sponsorship deal with LIFElabs which makes the latter the major sponsor. He stated that; “This is an exciting time for the Sky Sports British Masters, and we’re delighted to welcome LIFElabs as an Official Sponsor for the event,” he went ahead stating his confidence in the crypto firm stating that:
“Following on so soon after The Ryder Cup, this year’s British Masters promises to be a fantastic occasion, with a popular and worthy host in Justin Rose. LIFElabs is a progressive business and a great fit for the Sky Sports British Masters.”