A groundbreaking $10 million cryptocurrency prize awaits the winners of 'The Showdown' golf exhibition match in Las Vegas, marking a new chapter in sports prize money distribution.
The event features PGA Tour stars Rory McIlroy and Scottie Scheffler facing off against LIV Golf's Bryson DeChambeau and Brooks Koepka at Shadow Creek Golf Course. Title sponsor Crypto.com will award the prize money in CRO cryptocurrency, their native digital token.
"This is beyond exciting to compete for a true first with a cryptocurrency based prize purse," said DeChambeau about the innovative payment structure.
The winning team will receive $5 million worth of CRO tokens, while the runners-up will also be compensated in cryptocurrency. This marks the largest crypto prize purse ever offered in professional golf.
While this represents a milestone for golf, cryptocurrency payments in sports have been gaining momentum. NFL veteran Russell Okung made headlines in 2020 by converting half of his $13 million salary into Bitcoin. Other athletes like Aaron Rodgers and Odell Beckham Jr. have followed suit, embracing digital currencies for portions of their earnings.
The WNBA previously experimented with crypto rewards, distributing $5,000 in cryptocurrency to players during last season's Commissioner's Cup, through a partnership with Coinbase.
For Crypto.com, the prize structure aligns with their expanding sports presence, including naming rights to the former Staples Center in Los Angeles and partnerships with Formula 1 and UEFA Champions League.
The match will be broadcast live on TNT, featuring commentary from Ernie Johnson and Charles Barkley, bringing together elite talents from both PGA Tour and LIV Golf in a unique prime-time showdown.
Industry experts note that while cryptocurrency values can be volatile, this innovative prize format could set a precedent for future sporting events as digital currencies continue gaining mainstream acceptance in professional sports.