BitPay Uses Bitcoin to Sponsor Georgia Tech Athletics
BitPay, the world leader in business solutions for the Bitcoin digital currency, today announced a partnership with the Georgia Institute of Technology’s Athletic Association. The sponsorship, brokered by IMG College, the university’s multimedia rights partner, will cover Georgia Tech’s football and basketball programs and will help to bring more awareness to bitcoin, specifically in the college landscape. This aligns with BitPay’s target demographic of young tech-savvy males.
Bitcoin is a new financial technology, invented in 2009 as the first peer-to-peer digital currency. Using bitcoin, it is possible to send money like an email - to anyone, anytime, anywhere- without going through a bank or government or corporation.
With the partnership, BitPay’s logo along with the bitcoin symbol will be on display in Bobby Dodd Stadium and the McCamish Pavilion through the 2014/2015 school year. BitPay works with businesses to make it easy to accept bitcoin as a form of payment. When a customer checks out and chooses the option to pay in bitcoins, BitPay processes the transaction accepting the bitcoins from the customer and letting the business know the order had been paid. BitPay settles with the business the next business day and offers the merchant the option of depositing dollars, bitcoins or a percentage split between the two.
“Through our partnership with IMG College, BitPay was able to sponsor Georgia Tech Athletics with bitcoin,” said Stephen Pair, BitPay’s CEO and Co-founder. “This sponsorship also allows BitPay to increase awareness of bitcoin and support our alma mater at the same time.”
Tony Gallippi Executive Chairman and co-founder along with Mr. Pair are both graduates of Georgia Tech.
“Pairing an innovative technology company pioneering a new digital currency with Georgia Tech is a great match,” said Kristen Rose, General Manager of Georgia Tech IMG Sports Marketing. “The use of bitcoin in the sports world is brand new, and we’re proud Georgia Tech is leading the trend through this partnership.”
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for the Bitcoin digital currency.
IMG College is the nation’s leading collegiate sports marketing company, offering national, regional, and local multi-platform marketing opportunities targeting 190 million college sports fans – the largest and most attractive sports fan base.
The Bitcoin industry has been rife with scams and thefts, so it's hard to believe that the currency will be able to sustain itself over the long term. Even though there are some who claim Bitcoins are the currency of the future, I just don't see it. It has also been linked to drug trafficking and illegal gambling. I see it as a fad and nothing more, and as more people lose real money because of the legal issues surrounding Bitcoin, I eventually see it fading from existence.