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Cryptocurrencies Make Debut in Football Payments

Cryptocurrencies Make Debut in Football PaymentsCryptocurrencies Make Debut in Football Payments

Gibraltar United, a Premium Division football team, will become the first football team to pay its players in cryptocurrency next season.

Team owner Pablo Dana, who has invested in Quantocoin, a platform designed to provide cryptocurrencies for everyday use, has started a sponsorship partnership, one of several instances of football teams and athletes finding use for cryptocurrencies, CNN reported.

Gibraltar’s financial sector has embraced blockchain technology and is leading the state in its adoption. In January, the government introduced regulations for businesses using blockchain technology.

Dana said Gibraltar United wants to bring more transparency to football, believing that the technology will reduce the corruption that has befallen the sport.

Cryptocurrency has also provided a means for paying foreign players who struggle to establish bank accounts in Gibraltar, while sidestepping taxes and fees.

 Football Teams Embrace Crypto

Other football teams have embraced cryptocurrency and blockchain technology. The London based Arsenal FC signed a sponsorship with CashBet in January.

Danny Stroud, head of partnerships for the London Football Exchange, said the exchange is interested in having a token-based football community to allow clubs to interact directly with fans without friction.

The exchange has also arranged to introduce cryptocurrency to Italian club Bari, and Alcobendas, a Madrid based club. The agreements will reduce merchandise and ticket prices and will provide a chance for fans to purchase equity in the clubs.

 Players’ Support

Players that have formed partnerships with cryptocurrencies include Roberto Carlos, Luis Figo, Michael Owen and Lionel Messi.

Harunustaspor, an amateur Turkish club, in January signed player Omer Faruk Kiroglu partly with cryptocurrency.

Didier Drogba of the Ivory Coast recently became the official ambassador for All.me, a cryptocurrency based social network, and wore a shirt with All.me’s logo to show his support.

Uruguayan player Luis Suarez of Barcelona FC last year promoted Stox, a blockchain platform for predictions, on his Instagram account.

Last week, Ronaldinho, former Brazilian player, announced a project called the Ronaldhino Soccer Coin which plans to become a platform for soccer betting, digital stadiums and e-commerce.

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