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Pro sports team accepts Bitcoin: A first for the virtual currency

on January 16, 2014

Gigaom

Bitcoin, a form of digital money popular with speculators and tech enthusiasts, continues to spread to more mainstream circles. On Thursday, the Sacramento Kings of the National Basketball Association announced that fans can now use bitcoins to buy tickets online and pay for merchandise in the team’s store.

The announcement comes a week after giant retailer Overstock began accepting bitcoins for online payments and as the world’s first Bitcoin ATM in Vancouver, Canada, continues to do brisk business.

In a news release, Kings’ majority owner Vivek Ranadivé characterized the decision to accept bitcoins as part a “NBA 3.0” business philosophy that seeks to embrace technology.

The actual payment processing for the Kings will be handled by Bitpay, a service that provides merchants with the backend infrastructure to accept the currency in exchange for a 1 percent fee. Bitpay last year reported that it is working with more than 10,000 merchants

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