Cryptocurrency alongside blockchain is a widely acclaimed and prevalent network in the world. It is being used in many fields of everyday life and is gradually taking over. It is a well-encrypted and protected form of decentralized bank, which is technologically sophisticated and complex. It holds great potential to create tremendous opportunities and is actively gaining a foothold in football as well.
Big clubs implementing cryptocurrencies
2019 was a remarkable year when some of the top football clubs decided to align with cryptocurrency. Football superstar like FC Barcelona attacker Lionel Messi came forward to promote different cryptocurrency and blockchain projects, which was very surprising.
The first major club in Europe to actively accept cryptocurrency payments has been Portugalia club Benfica. In June 2019 the club signed a partnership with the UTRUST payment platform. It allowed fans to purchase merchandise with cryptocurrency, including Bitcoin and Ethereum successfully. In September 2019 Benfica sold tickets through the platform to Leipzig fans, and this move was met with approval.
In October 2019 English club Watford FC made an unusual decision. The footballers had the logo of bitcoin on the sleeves of the kit. The board described it as an action to educate people about the benefits of bitcoin.
The most decorated German club Bayern Munich has also decided to join the cryptocurrency system by signing a partnership with Stryking Entertainment. The Bayern officials described it as a great leap forward, and it became possible to acquire various collectibles and player cards for online competitions via tokens and coins.
In January 2019 Juventus with the help of Socios.com, online platform, started the Juventus Official Fan Token. The main reason for the campaign was to incentivize its fans to participate in global cryptocurrency trading actively. Later in August the club launched its customized digital token CHZ. French club PSG was also the one to strike a deal with Socios.com
A Premier football club Gibraltar United gained remarkable attention when the owner Pablo dana declared it would pay its footballers via cryptocurrency. He is an investor in Quantocoin and believes that it is an excellent way to tackle corruption which is very prevalent in football.
English football club Arsenal FC also expressed the willingness to engage in the cryptocurrency system actively and has signed the sponsorship deal with CashBet. Vinai Venkatesham, who is Arsenal's Chief Commercial Officer, said it was a pleasure for the club to work with CashBet.
Turkish club Harunustaspor declared in January 2018 that it became the first club in the world to successfully sign a player using cryptocurrency. A transfer that was carried out using the blockchain was very transparent and had all the information regarding the player.
Why do clubs make their cryptocurrencies?
There are plenty of reasons why the clubs choose to implement cryptocurrency: First of all, it is a commercial strategy that attracts thousands of fans worldwide and effectively expands the global audience. Many people actively use cryptocurrency as a form of payment and find it more simple.
Secondly, it serves as the addition to get rid of credit cards and cash systems. Blockchain is a more robust and decentralized system, which allows its customers to feel safe and secure all the time. When the fans look forward to purchasing team kits or match tickets, it seems more convenient.
The third reason is that clubs also want to eradicate any corruption and money laundering, which saw many top officials removed in recent years. Due to its impenetrable and practically unbreakable system, the risks and vulnerabilities of any kind are completely eliminated. The clubs will manage financing matters securely, let alone the fact sponsorship will bring more revenue.
Cryptocurrency related brands regularly become official partners for football teams. They provide a unique experience and still are in initial stages to further develop. There are a number of reasons why clubs choose to align with them. It is an advantage in terms of reputation, revenue, simplification. More and more football teams are showing their desire to implement cryptocurrency strategies by choosing prominent ones actively. it is hard to predict whether it takes time to get used to it, but clubs are incredibly hopeful they will successfully carry out everything.