With a net worth in the neighborhood of 3.8 billion dollars, Pittsburgh native Mark Cuban is one of the most successful businessmen and investors in the game today. He has gained considerable notoriety as the owner of the Dallas Mavericks, a popular NBA franchise. Outside of the sports world, Cuban is known to reality television fans as an investor on the ABC series Shark Tank.
The billionaire recently announced that the Mavericks would be entering the crypto market in the coming 2018-19 NBA season by accepting digital currency. Fans will be allowed to purchase everything from tickets to merchandise, with the new 5miles blockchain technology-based CyberMiles Token (CMT). 5Miles, the company behind the CMT altcoin, recently announced a three-year co-branded partnership with the Mavs last March.
For those unfamiliar, 5Miles describes themselves as “a free local marketplace app (and) one of the fastest-growing online shopping ventures in the United States. The app is the first of its kind to include services, housing, and jobs, in addition to second-hand trading.” The Dallas-based company launched back in 2015. They point to their “easy-to-use mobile interface, identity verification capabilities (for added safety and security), mobile payment and shipping options” as what sets them apart from the competition.
As part of the deal between the two organizations, it was announced that the Mavericks 6-foot-8 forward Harrison Barnes would be 5Miles new brand ambassador.
At a press conference held last March, Cuban discussed the benefits of the partnership, in terms of utilizing cryptocurrency and the technology behind it.
“Implementing [blockchain technology] into a marketplace app allows us to sell to our fans more securely. And for those people who are committed to cryptocurrency — whether you see it as a store of value, whether you see it is as a gamble, whether you see it as the future (and the same with tokens) — we want to be able to allow people to transact business how they want, when they want, where they want.”
While he primarily focused on the CyberMiles Token, the Shark Tank star stated that the NBA franchise would also be accepting other digital currencies – such as Bitcoin and Ether.
In a separate news release, 5Miles founder and CEO Dr. Lucas Lu expressed a great deal of enthusiasm regarding the newly formed partnership.
“The Mavs offer a great way to connect fans and users through our free, easy and convenient app while strengthening 5miles’ brand awareness and market share in Dallas and beyond.”
While the Mavericks decision to accept digital currency is big news, they aren’t the first NBA team to do so.
All the way back in 2014, the Sacramento Kings announced that their team store would be accepting bitcoin – making them the first professional sports team to allow fans to purchase items with cryptocurrency.
In fact, the Kings made more crypto news recently when they announced they’d be mining ether. For more on that, check out our Blockchain WTF exclusive Business On The Blockchain: Sacramento Kings.
With the Sacramento Kings and Dallas Mavericks leading the charge, we could see a number of NBA franchises begin to take an interest in digital currency – in the very near future.