Australian baseball club Perth Heat to start paying athletes and staff using Bitcoin
Australian baseball club Perth Heat in partnership with Bitcoin payment processor OpenNode announced that it will start using Bitcoin (BTC) to pay its professional players and staff.
The professional sports club will be using the Bitcoin Lightning Network to send and receive payments.
Through its partnership with OpenNode, the Perth Heat organization will be allowed to accept Bitcoin payment for goods, revenue streams, and funding.
Perth Heat rebranded itself to ‘’The Bitcoin baseball team,’’ listing Bitcoin trademarked goods on its official website; a confirmation that the club has a long-term goal in adopting Bitcoin.
The club also announced that it shall be adding Bitcoin to its balance sheet. The announcement read:
“As part of this sporting world exclusive, Perth Heat will hold Bitcoin on the club’s balance sheet.”
The CEO of Perth Heat, Steven Nelkovski, believes that if the fundamental principles of Bitcoin protocols are embraced, it will inspire others to embrace a financial system that demands value creation to bloom.
According to the club’s “chief Bitcoin officer,” Patrick O’Sullivan:
“The club has already established an initial position in BTC to help secure its digital property rights on the world’s most secure monetary network and will continue to reinvest available capital into Bitcoin. The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the Bitcoin blockchain.”
Reformation of crypto licensing and legislation in Australia
On Oct.20th, the Australian senate committee called for total reformation of crypto licensing and legislation to allow crypto embracing this year.
The Australian Securities and Investments Commission had also released a guideline for Bitcoin-and Ether (ETH)-based exchange-traded products (ETPs). In its announcement when releasing the guidelines it stated:
“As of October 2021, Bitcoin and Ether appear likely to satisfy all five factors identified above to determine appropriate underlying assets for an ETP. We expect the range of non-financial product crypto-assets that can satisfy these factors will expand over time.”