When Vivek Ranadive and his group purchased the Sacramento Kings, they made no qualms about their desire to implement technology into the franchise.
In the months since, they’ve quietly turned the Kings into a global tech sensation which has included broadcasts in India, rumors of Google Glasses being used by assistant coaches, specialized cameras to track player analytics and now the inclusion of BitCoin.
Essentially digital money which is loaded to a virtual wallet, BitCoin can now be used to not only tickets to Kings games but merchandise as well.
Today, the Sacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies.
Since purchasing the Kings earlier this year, majority team owner Vivek Ranadivé has directed a business philosophy coined “NBA 3.0,” which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento.
The addition of BitCoin has taken the internet by storm in recent months – so much so that major online retail shops like Overstock.com have began accepting the virtual currency as a form of compensation.