British Masters Golf Tournament Signs On Crypto Startup Sponsor

A cryptocurrency startup is officially sponsoring a professional golf tournament in the U.K. LIFElabs, a philanthropy-focused cryptocurrency startup, is sponsoring the Sky Sports British Masters golf competition next week, the company announced Wednesday.

It joins companies such as Adidas, Ladbrokes and TaylorMade in sponsoring the.

As part of its sponsorship, the startup will hold a contest on the ninth hole for participants: the first player to hit a hole-in-one will win £10,000, with a further £10,000 being split between Cancer Research UK, a research and awareness charity, and the European Tour Foundation, the official charity of the British Masters.

The tournament, scheduled for October 11-14, will be hosted by 2013 U.S. Open champion Justin Rose.

European Tour head of commercial partnerships Max Hamilton said in a statement that he was "Delighted" to welcome LIFElabs as a sponsor, saying the company is "a progressive business and a great fit for the Sky Sports British Masters."

LIFElabs CEO Luke Chittock said the startup is looking to "Invest in the future of humanity," in a statement.

"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."

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