Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Lithuanian city embraces blockchain technology with NEM sports sponsorship deal

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.”

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

January 19 15:30 UTC Released

USECRI Weekly Annualized

Actual

4.5 %

Forecast

Previous

3.3 %

January 19 15:30 UTC Released

USECRI Weekly Index

Actual

150.3 %

Forecast

Previous

147.6 %

January 21 21:00 UTC 983983m

KRPPI Growth YY

Actual

Forecast

Previous

3.1 %

January 21 21:00 UTC 983983m

KRPPI Growth

Actual

Forecast

Previous

-0.1 %

January 21 23:00 UTC 11031103m

JPReuters Tankan DI

Actual

Forecast

Previous

27 k

January 22 07:00 UTC 15831583m

NOIndus Confidence

Actual

Forecast

Previous

2 0

January 22 08:00 UTC 16431643m

TWJobless Rate

Actual

Forecast

Previous

3.69 0

January 22 08:00 UTC 16431643m

TWExport Orders YY

Actual

Forecast

Previous

11.6 0

January 22 09:00 UTC 17031703m

GRCbank C/A YY

Actual

Forecast

Previous

-0.624 0

January 22 13:30 UTC 19731973m

USNational Activity Index

Actual

Forecast

Previous

0.15 %

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.