Canadian Elite Basketball League to Pay Player Salaries in Bitcoin

Divya  |  Jun 19, 2021, 7:30 am
Canadian Elite Basketball League to Pay Player Salaries in Bitcoin

The Canadian Elite Basketball League(CEBL) is hopping on the crypto train. In a recent announcement, the league has revealed that going forward its players will have the option to be paid in Bitcoin. The decision will make CEBL the first North American professional sports league to adopt Bitcoin for salary payments.

Canadian Elite Basketball League Partners With Bitbuy to Offer Bitcoin Salaries

The latest decision from the league follows reports of its partnership with Bitbuy, one of Canada’s leading crypto trading platforms. With assistance from Bitbuy, the league will have the facility to compensate a portion of its player salaries in Bitcoin.

While CEBL is a relatively smaller league with only six teams competing in the upcoming third season, the importance of its decision cannot be undermined. Players opting for the offer will be paid a part of their salary in Bitcoin using Bitbuy to convert the amount from Canadian dollars.

Charlie Aikenhead, vice president at Bitbuy, indicated that his company is excited about the relationship with CEBL and said “We’re proud to support homegrown Canadian sports, and to partner with the league on this first to the market initiative.” Aikenhead also highlighted that Bitbuy wants to enable athletes to secure their long-term investments through cryptocurrencies.
Meanwhile, the CEO and Commissioner of CEBL, Mike Morreale stated that “Our partnership with Bitbuy speaks to our commitment to players, and also to our forward-thinking approach to how we go about our business.” He also claimed that the league is home to some of the best players who chose CEBL over NBA for its player-first approach.

More Professional Athletes Want to Be Compensated in BTC

For its part, the CEBL credits its players for adopting crypto payments for salaries. And the league’s members aren’t the only athletes asking to be paid in BTC. The sports world has seen an increased number of professionals demanding a portion, or their entire salaries in Bitcoin. For instance, Russell Okung, a professional NFL player made headlines when he became the first North American Sports personality to receive half of his contract salary in the primary cryptocurrency.

Kimbal Mackenzie, a point guard in CEBL’s Guelph Nighthawks and winner of the 2020 Sportsmanship Award, is enthusiastic about the league’s decision and is set to participate in the first group of players opting for the BTC program. “The ability to have part of my salary go directly into an investment that I believe will appreciate greatly over the next 10-30 years is a no-brainer,” he remarked.