Lithuanian Basketball Fans Can Now Buy Tickets with XEM Cryptocurrency

August 8th, 2017 at 7:52 am UTC · 3 min read

The Foundation (, creators of the peer-to-peer NEM blockchain platform providing payments, messaging, asset making and more, today announced a sponsorship deal with Lithuanian basketball club Lietuvos Rytas. Basketball fans will now be able to purchase Rytas tickets with blockchain-supported ‘digital money’.

The Foundation (NEM), an internationally-recognized leader in blockchain and digital currency valued at over US $2 billion, was awarded headline sponsorship after an exhaustive research and selection process.

Rytas is part-owned by the City of Vilnius and majority-shareholder Antanas (Tony) Gouga, a  tech-entrepreneur and Member of the European Parliament, who also serves as the  Chief Investment Officer of Vilnius and the President of Rytas. In return for its financial support of Rytas, NEM will secure valuable distribution rights for its native digital currency, XEM, throughout the City of Vilnius. The sponsorship is to be paid entirely in XEM, and will be supported by an extensive city-wide public education campaign on the usage and benefits of the XEM cryptocurrency.

As a result of the deal, Lithuanian basketball fans will be able to use XEM to purchase game tickets, season passes, and team merchandise. Both partners plan to extend usage of  XEM across other areas of daily life including public transport, logistics, supply chains, medical administration, and banking.

Remigijus Šimašius, mayor of the City of Vilnius, believes that the world-first sponsorship arrangement will encourage a ‘strong appetite’ in Lithuania for adopting digital currencies as payment method of choice. “I want the people of our great city to be among the first in the world to embrace ‘the future of money’ and to benefit from this valuable new technology via our love for sports,” Šimašius said.

“We are very proud to support Lithuania’s capital city with its important and historic move into adopting blockchain technology,” said NEM’s President, Lon Wong. “Our NEM blockchain is designed to deliver a future where everyone can safely and economically transact without borders or middlemen.”

Blockchain is a secure digital technology allowing for fast and secure financial transactions around the world. A blockchain is a public ledger of all crypto currency transactions that have ever been executed. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order. It is designed to empower and decentralize the management of key public infrastructure, banking, and transport logistics. The practical consequence is a way to transfer a unique piece of digital property from one to another Internet user. The transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.

About Foundation Ltd Foundation is a non-profit organization based in Singapore, set up to promote NEM’s blockchain technology globally. It is currently one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry. NEM’s technology is currently being utilized in a variety of financial institutions and industries.  For more information, please visit:

About BC Lietuvos rytas

Founded in 1997, BC Lietuvos rytas, (aka Rytas), the Lithuanian professional basketball club based in Vilnius, is one of the most successful Lithuanian basketball clubs. Rytas, among other titles, have won two EuroCup titles, five Lithuanian League titles, three Lithuanian Cups and three Baltic Championships. Lietuvos Rytas plays their home games at 11,000-seat Siemens Arena and 2,500-seat Lietuvos rytas Arena. For more information, please visit


Xenia von Wedel

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Disclaimer: Transform Public Relations is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.