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Raining Bitcoin for eToro after it Strikes Sponsorship Deal With 7 Big Football Clubs

Raining Bitcoin for eToro after it Strikes Sponsorship Deal With 7 Big Football Clubs

Blockchain and cryptocurrencies are gaining traction beyond the fintech sector. This is quite evident from the recent events of pop stars getting gifts through blockchain while cinemas are offering rewards through virtual assets. And now, eToro, a global online investment platform, has struck an alliance with seven big premier league football clubs. The digital coin trading platform firm indicated that the deal is paid in terms of bitcoin only. When the market is sluggish, the other option is forced adoption, which is what is happening now.

Bitcoin To Buy Players

Following the alliance deal, big clubs that are playing in the most-televised football league, which is watched by millions of people, could start using bitcoin. These clubs will use the leading digital coin value to buy players from the international market for transfer. The move comes amidst the launch of digital crypto wallets through eToro’s online trading platform, according to a report in ccn.com. In 2006, the Israeli platform was established in Tel Aviv.

This has allowed gaining a presence not only in the investment platform but also as a social trading network at the global levels. As a result, it could benefit from big marketing exposure in the premier league (PL) in the first division of football. As far as paying of sponsorship deal is concerned, eToro has reached an alliance with seven PL football clubs. They are Crystal Palace, Tottenham Hotspur, 2015-16 champions Leicester City, Newcastle United, Cardiff City, Brighton & Hove Albion, and Southampton.

All the seven PL football clubs have agreed to open digital wallets with eToro. The digital wallet firm’s UK MD, Iqbal Gandham disclosed that the company had reached a sponsorship agreement. However, it would pay the deal amount through bitcoin rather than the conventional system of paying in domestic currency, i.e., the pound sterling. He indicated that he could not say why the football clubs have opted to accept the digital currencies in lieu of pounds.

Following the deal, the brand, eToro, would get displayed in several marketing tie-ins. This included player access, pitch-side LED advertising boards, which are the television-savvy angle, tickets, tunnel areas and another form of digital rights. The company’s MD gave enough hints about an immediate use case of virtual assets due to the multi-billion pound transfer market. That is because the PL clubs would attract players across the globe.

Transparent

For the football players, the cryptocurrency meant the transactions would be not only quicker but also cheaper and transparent. This apart, this is better aligned with digital currency than the domestic currency. One of the biggest clubs, Tottenham head of partnerships, Fran Jones, pointed out that the club is fully committed towards technology, as well as, innovation.

Similarly, commercial director of Southampton club, David Thomas, expressed his interest in knowing more on the cryptocurrency potentials apart from the blockchain technology that could have on football. Obviously, the football players are keen to follow the trend of accepting the new asset since there are several people who think that bitcoin could become a most sought-after commodity.

About the author

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Maria Rivera

Maria founded Poontru with an aim to bring relevant and unaltered news to the general public with a specific view point for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research. With ample knowledge about the business industry, Maria also contributes her knowledge for the business section of the website.

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