NYDIG Partners with Houston Rockets to Pay Franchise Royalties in Bitcoin

New York Digital Investment Group (NYDG) will use bitcoin to pay franchise royalties to the National Basketball Association's Houston Rockets as part of a partnership to promote cryptocurrency education and adoption.

In a Nov. 16 statement, the Houston Rockets said NYDIG will become the team’s official Bitcoin service partner and platform. As part of the partnership, NYDIG plans to name some of the Houston Rockets' premium seats at the Houston Toyota Center "Bitcoin Sleeves."

The NYDIG deal appears to be part of a larger strategy for Houston Rockets owner Tilman Fertitta, who is also chairman and CEO of Landry's Restaurant Group. Last week, the company announced that it would introduce a bitcoin rewards program for its restaurants and has begun rolling out the bitcoin payment option.

Through Landry and other ventures, Fertitta, who is worth about $6.3 billion, also owns several hotels and five casinos across the United States. As of the publication of this article, there have been no reports of these venues accepting BTC or other cryptocurrencies. However, Fertitta said in June that his holding company plans to start validating blocks on the Akash Network.

This year, in the crypto space, many of the major basketball franchises in the United States have partnered with companies dealing with digital assets and blockchain technology. In October, Voyager Digital signed a deal with the Dallas Mavericks aimed at making cryptocurrencies more accessible through fan engagement. Coinbase also recently signed a multi-year sponsorship deal with the NBA as its exclusive crypto platform partner.

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