English Soccer Teams Plan to Test Cryptocurrency Payment System

In what is described as a “sponsorship deal”, seven top-flight clubs—Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton, and Crystal Palace—have decided to set up Bitcoin wallets with an online trading platform, eToro. This move reportedly reflects a belief that cryptocurrency might oust sterling in the “multi-billion pound transfer industry”.

Details of the Cryptocurrency Deal

According to The Telegraph, “The bitcoin system will also help clubs tackle ticket touting and counterfeit merchandising,” and could even be used to pay players.

“The seven clubs involved in the trial have all been paid to receive bitcoin in a bid to spark interest,” said Iqbal Gandham, UK managing director at eToro. “We’ve done a sponsorship deal, but rather than pay them in traditional pound notes we’ve paid them in bitcoin… What they choose to do with that is entirely up to them.”

Head of Partnerships at Tottenham Fran Jones, and Paul Barber, chief executive at Brighton, expressed high hopes about the nascent technology. According to Jones, Tottenham’s involvement showed that it was “committed to technology and innovation.” Barber believes that the project will help the organization better understand the potential that blockchain has to offer.

Suggested Reading : Boost your Bitcoin knowledge with our ‘What is Bitcoin‘ beginner’s guide.

Cryptocurrency and Sports

In June 2018, Havas Sports and Entertainment and Havas Blockchain decided to reward sports fans by launching a cryptocurrency-based loyalty program. In July 2018, Major League Baseball (MLB) announced its plans to launch “MLB Crypto Baseball” through a licensing agreement. The MLB Crypto Baseball game will serve as a form of digital baseball cards.

CoinDeal, a Polish cryptocurrency exchange, struck a deal with English soccer team, Wolverhampton Wanderers, to become a shirt sponsor. Earlier in the year, English Premier League club, Arsenal, also signed a sponsorship deal with CashBet, a US cryptocurrency platform.

Arsenal was the first major global sporting team to partner with a cryptocurrency firm officially. An American basketball team, the Sacramento Kings, became the first sports team to mine the digital currency, Ethereum, in June 2018.