Arsenal FC, a Premier League sports club, just announced they will be partnering with Cashbet, a cryptocurrency company that is focused on being specifically designed for iGaming. This is the first time a cryptocurrency has sponsored a major soccer team. Across the globe, more and more sporting entities and digital currencies have been forming relationships, such as the one between the Bellator MMA welterweight champion, Rory McDonald who earned 330 DASH for wearing branded apparel representing the altcoin in his last title fight.
Cashbet, the gambling-oriented digital currency established in 2012, is soon expected to conduct an ICO, and the company is happy to have secured this partnership with Arsenal FC.
Vinai Venkatesham, Arsenal FC’s Chief Commercial Officer, has shared, “We are pleased to welcome Cashbet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
Likewise, Mike Reaves, the chief executive officer and founder of Cashbet, has also celebrated the partnership, explaining, “With our ICO for Cashbet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players. We are delighted to do so in partnership with one of world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way.”
Cashbet and Arsenal FC worked out this deal for an undisclosed sum of money, for which the company will assume the title of, “official Blockchain Partner,” and see its ICO marketed to the club’s 60,000-seat Emirates stadium.
When asked for its opinion about the deal, the Financial Conduct Authority has declined to comment on Arsenal FC’s decision to promote a cryptocurrency. However, a spokesman for the authority has shared that the institution is planning on conducting a more thorough examination of recent developments pertaining to the cryptocurrency and initial coin offering industries, stating it will proceed with further action if needed.
Deals between digital currency companies and sporting companies seem to have become more publicized this year, with Dash partnering with an MMA fighter, and all the excitement that surrounded that title fight. This year may mark the start of many more sports companies teaming up with other cryptocurrencies.