The NEM.io Foundation (NEM) has been selected as a key sponsor by the City of Vilnius for its renowned basketball team, BC Lietuvos Rytas.

Tony Guoga, tech-entrepreneur and CIO to the Mayor of Vilnius, selected the well-known leader in blockchain and digital currency after an exhaustive process. Rytas is part-owned by the City of Vilnius.

Remigijus Šimašius, the Mayor of the City of Vilnius, hopes that the world-first sponsorship arrangement will develop a ‘strong appetite’ in Lithuania for a technology being hailed as by many as ‘the future of money’.

“I want the people of our great city to be among the first in the world to benefit from this valuable new technology via our love for sports,” Šimašius said.

In return for its financial support of Rytas, NEM will secure valuable distribution rights for its digital currency, XEM, throughout Vilnius. According to the official release, the sponsorship is to be paid entirely in XEM, and will be supported by an extensive public education campaign throughout the City of Vilnius.

XEM is currently the fifth most valued digital currency with a market capitalization of over $2 billion. With this sponsorship deal, Lithuanian basketball fans will be able to use XEM to purchase game tickets, season passes, and team merchandise, familiarising themselves. Both partners hope to see XEM extended across other areas of daily life, including public transport, logistics, supply chains, medical administration, and banking.

“We are very proud to be the first blockchain to secure a partnership arrangement with a respected European city municipality,” said NEM’S President, Lon Wong. “Our blockchain is designed to deliver a future where anyone can safely transact without borders or middlemen.”

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