Lithuanian Hoops Tickets Available with NEM’s XEM Tokens

Blockchain, Event, FinTech, Innovation, News | August 8, 2017 By:

Attention, fans of Lithuanian basketball. You can now buy tickets for the Lietuvos Rytas club using the Foundation’s XEM digital coins.

The Foundation has agreed to become the headline sponsor for Rytas, with its sponsorship to be paid entirely in XEM, and will be supported by an extensive city-wide public education campaign on the usage and benefits of the XEM cryptocurrency.

As a result of the deal, Lithuanian basketball fans will be able to use XEM to purchase game tickets, season passes, and team merchandise. Lithuania, which has produced such NBA talents as Arvydas Sabonis and Šarūnas Marčiulionis, is an international basketball hotbed.

Rytas is part-owned by the City of Vilnius and majority-shareholder Antanas (Tony) Gouga, a  tech-entrepreneur and Member of the European Parliament, who also serves as the  Chief Investment Officer of Vilnius and the President of Rytas.Both partners plan to extend usage of  XEM across other areas of daily life in Vilnius, including public transport, logistics, supply chains, medical administration, and banking.

Remigijus Šimašius, mayor of the City of Vilnius, believes that the world-first sponsorship arrangement will encourage a ‘strong appetite’ in Lithuania for adopting digital currencies as payment method of choice. “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,” Šimašius said.

“We are very proud to support Lithuania’s capital city with its important and historic move into adopting blockchain technology,” said NEM’s President, Lon Wong. “Our NEM blockchain is designed to deliver a future where everyone can safely and economically transact without borders or middlemen.”