Sports Sponsorship Agreement about Blockchain Technology in Lithuania.
The NEM.io Foundation (NEM) has been selected as a key sponsor for the city of Vilnius for its renowned basketball team, Lietuvos Rytas BC.
Tony Guoga, technology entrepreneur and CIO of the mayor of Vilnius, selected the well-known leader in the technology Blockchain and digital currency after an exhaustive process. Notably Rytas is partly owned by the city of Vilnius.
Remigijus Šimašius, the mayor of the city of Vilnius, expects the first global sponsorship agreement to develop a “strong appetite” in Lithuania for a technology that is described by many as “the future of money.”
“I want the people of our great city to be among the first in the world to embrace ‘the future of money’ and to benefit from this valuable new technology via our love for sports,” said Šimašius.
In exchange for its financial support for Rytas, NEM valuable distribution rights guarantee their digital currency, XEM through Vilnius. The sponsorship will be paid in full in XEM, and will be supported by an extensive public education campaign throughout the city of Vilnius.
Lon Wong, president of NEM said:
“We are very proud to support Lithuania’s capital city with its important and historic move into adopting blockchain technology. Our NEM blockchain is designed to deliver a future where everyone can safely and economically transact without borders or middlemen.”
XEM is currently the fifth most valued digital currency with a market capitalization of more than $ 2 billion. With this sponsorship agreement, Lithuanian basketball fans will be able to use XEM to purchase game tickets, season passes, and team merchandise, getting acquainted. Both partners expect XEM to extend to other areas of everyday life, including public transportation, logistics, supply chains, medical management and banking.
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