In a surprising move, Arsenal have become the first football team in the world to enter a business partnership with a cryptocurrency.
The Premier League stalwarts have joined with CashBet Coin, an emerging digital currency designed for use in sports betting, online casinos, and eSports. The agreement was reached between the two in advance of CashBet Coin going on sale to the public.
The business agreement will see advertisements for the California-based CashBet Coin appear in Arsenal’s home ground - the Emirates Stadium - during Premier League games.
Chief Commercial Officer (CCO) of Arsenal, Vinai Venkatesham, confirmed that the team is happy to welcome the new altcoin in the industry on board as a partner, stating that they are looking forward to working alongside the digital currency start-up as the company launches its new cryptocurrency.
As with many new altcoins, CashBet Coin will be looking to raise funds through Initial Coin Offerings (ICOs). Under this financial model, early investors get the opportunity to purchase CashBet Coins on the day of release, with a view to either utilising them on the blockchain once the system is up and running, or to sell them for a regular, or fiat, currency. This method of investment allows for the rapid accrual of starter funds, as well as generating interest in the new cryptocurrency and the gaming system it will be supporting.
The Chief Executive Officer (CEO) of CashBet, Dr. Mike Reaves, stated that the company is targeting a multi-million dollar, global marketplace for the content providers, player and operators of iGaming with its ICO.
Partnering with Arsenal before the fledgling cryptocurrency even hits the market is seen as a risky move by some, but CashBet believes that the influence of the football giants will allow them to build their brand in the UK, engaging with a new audience in a meaningful way.
Whatever the outcome, it is perhaps appropriate that a digital currency developed for online gaming should be prepared to take so sizeable a gamble.
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