BitPay initiative includes season tickets, hospitality boxes and sponsorship offers.
- Sharks accept cryptocurrency for large or recurring payments
- Franchise is also considering crypto payment options for a wider business, including selling goods online
- Smaller purchases such as food and drinks will be checked at a later date
The San Jose Sharks will be the first National Hockey League (NHL) team to accept cryptocurrency after franchise owner Sharks Sports & Entertainment gave the green light to the alternative payment method.
Starting next season, the Sharks will accept cryptocurrencies for large or recurring payments such as season tickets, hospitality boxes in their SAP center and sponsorship deals.
For the rollout, the franchise is working with the Atlanta-based payment processor BitPay, which will accept Bitcoin, Dogecoin and Ethereum, among others.
The Sharks are also considering integrating a cryptocurrency payment option into their wider commercial business, including the team’s app for purchases in the SAP Center, online merchandise sales in the Sharks store, and point of sale in the arena.
The use of cryptocurrency for smaller purchases such as single tickets or food and drinks will be checked by the Sharks in the future. The franchise is already accepting payments through PayPal, which has enabled cryptocurrency spending since last October.
“We accept PayPal, so by definition we accept cryptocurrency. Why not accept it and make it more visible instead of just doing it through a third party? “Said Jonathan Becher, president of Sharks, the Sports Business Journal (SBJ).
The Sharks are joining a growing number of sports teams, particularly in the US, that accept cryptocurrency as payment, including the National Basketball Association (NBA )’s Sacramento Kings and the Dallas Mavericks.
Additionally, in March, the FTX cryptocurrency exchange acquired the naming rights to the Miami Heat home arena in a 19-year deal valued at a reported $ 135 million.