BTC Wires: Crypto-exchange platform eToro has reportedly signed a sponsorship agreement with a total of 7 clubs playing in the English Premier League. The clubs that have partnered with eToro are Southampton, Cardiff City, Tottenham Hotspur, Brighton & Hove Albion, Crystal Palace, Newcastle United, and Leicester City. To portray the advantages of alt-coins, eToro will settle the financing using Bitcoin.
After this move, the use of advertising inside stadiums and other club-based marketing strategies will afford eToro a huge amount of newfound exposure. Regarding the adoption of the most popular alt-coin in the market for payment procedures, eToro’s UK managing director spoke to reporters, stating:
“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.”
Reports from the country also suggest that the top clubs in England are also soon going to start paying their players in cryptocurrencies. However, there are no credible sources to back this assumption as of yet.
Dale Aitchison, the partnerships head of Newcastle United, is one of the individuals who has shown visible excitement about this new development. A post in the club’s official blog quotes him:
“We are delighted to welcome eToro to our family of high-profile commercial partners… This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.”
Similarly, other football teams have begun looking into the potential of cryptocurrencies as well. There have been reported of Gibraltar United planning to start paying their players partially using alt-coins from next season onward. The club’s owner explained that a number of International players face issues setting up bank accounts, and cryptocurrencies help make the entire payment procedure much more simple and straightforward, within any extended hassle from traditional banks.
Crypto-based systems have, however, shown more potential than just payment procedures to football associations. There have been reports of UEFA’s newly made ticket distribution service using cryptocurrencies. The organisation expects that using such technologies can reduce ticket-frauds hugely.