San Jose Sharks Becomes First NHL Team To Accept Bitcoin, Ethereum, Dogecoin

San Jose Sharks has become the first NHL team to accept cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) for large payments.

What Happened: Jonathan Becher, the president of San Jose Sharks, said on Twitter that his team will initially accept cryptocurrency for season ticket purchases, suite leases and sponsorship deals.

Becher added that using cryptocurrency for smaller purchases such as single-game tickets, food and beverage, and merchandise will be reviewed in the future.

Initially we'll accept cryptocurrency for season tickets, suite leases, and partnerships. Other use cases - including single-game tickets, F&B, and merch - will be evaluated over time #SJsharks https://t.co/EobIiv3buo

— Jonathan Becher (@jbecher) June 7, 2021

The Sharks will partner with Atlanta-based payment processor BitPay and also accept payments in other cryptocurrencies such as Bitcoin cash (BCH), Wrapped Bitcoin (WBTC), and five U.S. dollar-pegged stablecoins.

See Also: How to Buy Bitcoin (BTC)

The Sharks are already accepting PayPal Holdings Inc. PYPL, which has allowed its customers to buy cryptocurrencies since last year. It was reported last month that PayPal will now allow users to withdraw cryptocurrencies to third-party wallets.

“We’re accepting PayPal, so then by definition, we’re accepting cryptocurrency,” Becher said. “Why not embrace it and make it more visible as opposed to just doing it through a third party?”

See Also: NBA's Sacramento Kings Players Will Soon Be Paid In Bitcoin, Says CEO

Why It Matters: Other professional sports teams that already accept Bitcoin for payments include the Dallas Mavericks and Sacramento Kings of the NBA. Dallas Mavericks said in March that it will also accept meme cryptocurrency Dogecoin as payment.

Dallas Mavericks owner Mark Cuban has recently encouraged his followers on Twitter to explore Lazy.com, his new platform for creators to showcase their nonfungible tokens or NFTs.

Price Action: Bitcoin has lost 9.7% during the last 24 hours and is trading at $32,525.07 at press time, while Ethereum traded lower by 10.4% at $2467.41 over a 24-hour trailing period.

Dogecoin is down 13.7% during the past 24 hours and is trading at $0.3198 at press time.

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