Bitcoin is making yet another entry into the mainstream world through sports. Soon, teams and clubs may be able to buy football players using bitcoin thanks to recent sponsorship deals between seven English Premier League clubs and renowned online trading platform, eToro.
The Premier League Clubs – Tottenham Hotspur, Leicester City, Southampton, Cardiff City, Brighton, Newcastle United and Crystal Palace – are set to begin participating in cryptocurrency trials on Monday and this will be facilitated by eToro. The goal of the trials is to have bitcoin being used in place of the pound sterling for player transfers in the Premier League. The online trading platform also paid the clubs (in bitcoin) to have them participate in the trials.
The sponsorship deal will also see eToro appear on in-game advertising boards at the homes of all the seven clubs as well as within their advertising spaces.
“As a global multi-asset platform where you can purchase the world’s biggest crypto assets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin,” Iqbal V. Gandham, UK Managing Director at eToro.
In most of the sponsorship and partnership deals with sports clubs, the extent of digital currency involvement is often limited to payment. However, eToro believes that the blockchain will have a pretty significant impact on the future of various sports operations very soon.
“The blockchain technology that underpins cryptocurrencies like bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game’, from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionize the world of football,” Gandham explained.
The move certainly marks another huge milestone for blockchain and digital currency integration in mainstream football. As is stands there have been a couple of experiments that bear similarities to this one such as the one in Turkey where, in January, Harunustaspor hired a professional player for Bitcoin. The clubs involved in the eToro sponsorship deal are also quite excited about the new venture and the path it could take from here on out.
“We are pleased to welcome eToro to the club as an Official Partner, it is exciting to be working with such an innovative industry leader. Much like Leicester City, eToro is an ambitious brand with a significant global reach and we look forward to working together throughout the season,” Jonathan Gregory, the commercial director for Leicester City said.