Arsenal Football Club has become the first major club to promote a crypto-currency.
Although other companies, sports teams and platforms have promoted crypto currencies in the past Arsenal is the first worldwide recognised team in sport to do so.
The club will be promoting the coin commercially with it featuring around Arsenal’s stadium and also on campaign adverts for the team.
The club has reached an agreement with the Uber popular online gaming company called CashBet for an undisclosed amount, the ever popular site is planning on launching their own crypto currency which will be known as cash bet coin through their popular gaming site CashBet.com
A statement from Arsenal Footbal club was released on the matter of promoting crypto currency:
Arsenal's Commercial Officer Vinai Venkatesham said: "We are looking forward to working with CashBet Coin as they launch their new crypto-currency."
CashBet is an online gaming site which offers users multiple gaming experiences, the site aims to earn funding to launch its CashBet Coin by getting users in the site to invest and place more money Into the mini games the site offers, they are hoping to raise upwards of 20 million dollars to help launch the coin.
The US Located gaming company seems keen on the idea as a statement from their CEO on the coin reads:
The CEO and Founder of CashBet, said: “With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of gaming content providers, operators, and players."
Many experts both in sport and business are questioning the football clubs decision to promote crypto currency, several sponsors close to Arsenal and also the FA are yet to comment on the matter however at present it doesn’t seem to be a problem.
Arsenal Football Club has a long history and a fairly successful one at that, although many people are questioning their decision, both the Club and Cashbet seem sure on the deal.