The Elite Canadian Basketball League will be the first professional sports league in North America to offer this payment alternative to its athletes.
Canada’s professional men’s basketball league, Elite Canadian Basketball (CEBL), is taking a step towards digital currency adoption after announcing that it will start offering the chance to pay Bitcoin salary to its players.
The CEBL this week announced a partnership with Bitbuy, a Toronto-based cryptocurrency platform, that will allow the league to pay athletes a part of their salaries in Bitcoin. Basketball players will be able to request the conversion of part of their remuneration from Canadian dollars to cryptocurrency.
Bitbuy will manage the conversion while the league will seek to assure that the funds achieve their delivery directly to the players’ crypto wallets. The new measure will come to public next week, when the league starts its third season on June 24. Additionally, Bitbuy will also join CEBL as an official sponsor.
The partnership with the crypto firm represents the first of its kind for any professional sports league in North America and makes CEBL the first to offer its players a payment option in crypto.
Pioneer League and the Adoption of Innovative Crypto Salaries
As part of the initiative, athletes from the seven basketball teams that make up the league will be able to start charging in Bitcoin starting next week.
More than 70 players on CEBL’s active roster of teams, also including champion teams Edmonton Stingers and Saskatchewan Rattlers, may be eligible for cryptocurrency payouts. The other teams that make up the league are Fraser Valley Bandits, Guelph Nighthawks, Hamilton Honey Badgers, Ottawa Blackjacks, and the Niagara River Lions.
Sportsman Kimbal Mackenzie of the Nighthawks explained that he would be one of the first players to accept the CEBL offer. He said he was excited that his salary immediately became a long-term investment. Mackenzie, 24, who plays at point guard, recently re-signed with the team for the 2021 season.
The player strongly believes that cryptocurrency is the future. The possibility that part of his salary goes directly to an investment that he thinks will be greatly appreciated over the next 10 to 30 years is just mind blowing. The player. Mackenzie also told Archysport that there is no concern about the volatility of the asset.
Mackenzie added that in case Bitcoin falls, “so be it”. It was a decision he personally made. On the other hand, if it increases, maybe he will retire in a matter of two years.
Bitcoin is Now Gaining Ground in the Sports Industry
For his part, CEBL CEO Mike Morreale added that the partnership with Bitbuy speaks of the league’s “commitment” to its players, as well as its “progressive approach.”
Bitbuy’s vice president of marketing, Charlie Aikenhead, added in the same vein that as a company they are “proud to support local Canadian sports. We believe this means a significant change in the way athletes are thinking about compensation, and we are excited to help CEBL players protect their long-term wealth by charging in Bitcoin. “
While Elite Canadian Basketball is the first professional sports league in North America to decide to include Bitcoin in its payment options, some other players and sports teams have already made similar deals.
By: Jenson Nuñez
