A televised golf match between PGA Tour stars and Saudi Arabia's LIV Golf will award $10 million in cryptocurrency.
World No. 1 Scottie Scheffler and No. 3 Rory McIlroy will face No. 10 Bryson DeChambeau and No. 79 Brooks Koepka in an 18-hole prize match.
The Dec. 17 showdown will be officially dubbed the “Crypto.com Showdown,” and will mark the first time in PGA history that the title sponsor will offer a crypto-backed wallet.
front office sports reported The $10 million prize will be paid entirely in Crypto.com's native currency, called Cronos. As of this writing, one Kronos is worth approximately $0.227. 10 million dollars is equivalent to approximately 44 million kronos.
However, it has not been confirmed how the prize money will be distributed between the winning and losing teams.
Neither the PGA nor LIV are the first sports brands to incorporate cryptocurrencies into prizes and payments.
UFC added $60,000 bitcoin bonus “Fan Bonus of the Night” awards were paid to fighters in $30,000, $20,000, and $10,000 increments. Crypto.com also sponsored that effort as part of a 10-year, $175 million partnership with the UFC.
Another fighting league, Karate Combat, has fully integrated cryptocurrency into its business model.
Using its own token ($KARATE), Karate Combat allows viewers to own their bets on the sport while earning more coins through games on the platform. Up only. This play-to-earn model allows users to earn cryptocurrency while game designers can earn money through licenses, advertising, microtransactions, or subscriptions.
Bitcoin and cryptocurrencies as a whole have soared since Donald Trump's election victory. During his campaign, he vowed to end the SEC's “anti-cryptocurrency crusade.”
Sen. Tim Scott (RS.C.) first publicly declared his support for Bitcoin and cryptocurrencies at the Bitcoin 2024 conference in July. The senator touted cryptocurrencies as an investment opportunity for poor and lower-class Americans.
The PGA vs. LIV match will be held at Shadow Creek Golf Course in Las Vegas, Nevada. This follows in the footsteps of previous televised golf events such as the Netflix Cup and Tiger Woods vs. Phil Mickelson.
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