Blockchain technology venture LIFElabs is the first ever digital currency outfit to become official sponsor of the British Masters, which takes place at Walton Heath next week.

LIFElabs dedicates one third of its currency (LIFEtokens) to global philanthropic causes. As part of its sponsorship of the event, it will be running a hole-in-one competition on the par 3, 9^th hole. The first player to hole an ace on the 222-yard hole will win a prize of £10k, funded by LIFElabs. This prize money will be equally matched with a donation from the company to both Cancer Research UK and The European Tour Foundation, whose charity pick for 2018 is The Woodlands Special Needs School.

Max Hamilton, Head of Commercial Partnerships at the European Tour, says: “This is an exciting time for the Sky Sports British Masters and we’re delighted to welcome LIFElabs as an official xponsor for the event. Following on so soon after The Ryder Cup, this year’s British Masters promises to be a fantastic occasion, with a popular and worthy host in Justin Rose. LIFElabs is a progressive business and a great fit for the Sky Sports British Masters.”

Luke Chittock, CEO of LIFElabs, comments: “Our mission is to invest in the future of humanity and we know that sport brings people together in a completely unparalleled way. We partnered with the European Tour because it is an innovative brand within the golfing world, with one eye firmly fixed on the future. As such, both LIFElabs and the British Masters are looking to make a real difference to people’s lives, both here in the UK and across the rest of the world.”

Elsewhere in the world of sport

The move highlights the increasing trend we are seeing with blockchain involvement in sporting competitions. In August, for instance, UK-based trading platform eToro inked a landmark advertising deal with seven Premier League football clubs.

This will be paid in Bitcoin and will see eToro become an official club partner of Tottenham Hotspur, Newcastle United, Crystal Palace, Southampton, Brighton & Hove Albion, Cardiff City and Leicester City, bringing it a range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.

Newcastle United’s Head of Partnerships, Dale Aitchison, said: “We are delighted to welcome eToro to our family of high-profile commercial partners. This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.”

Iqbal V. Gandham, UK Managing Director of eToro, commented: “As a leading multi-asset company, we are excited to be partnering with so many Premier League clubs and to make history by being the first company ever to pay for a Premier League partnership in Bitcoin.”

He added: “The announcement is very much the first small step on a long road to football fully embracing blockchain technology. Education will be key so that industries can understand the potential, however, the openness of these Premier League clubs to taking this first step, is very exciting for everyone. Blockchain brings transparency, which means it can improve the experience for everyone who loves the ‘beautiful game’.”