Despite what naysayers keep peddling about, already fast-widening adoption of cryptocurrency is now expanding towards professional sports arena, attracting world-shaking sponsorship deals.
The sixth-wealthiest football club in the world defined by consulting firm Deloitte, Arsenal FC, is the first on track to join blockchain ecosystem. The Premier League football club has signed a sponsorship deal with the California-based gaming platform CashBet, under which Arsenal FC will promote the firm’s Initial Coin Offering (ICO). The native cryptocurrency, called CashBet Coin, is designed for iGaming.
According to the press release, the CashBet Coin brand will receive the prominent placement via in-stadium advertising channels for Arsenal home Premier League games at the 60,000-seat Emirates stadium.
Being club’s “first official cryptocurrency partner”, CashBet has already used Arsenal’s logo and players’ images on its official website.
Arsenal’s Chief Commercial Officer, Vinai Venkatesham, commented on the partnership:
“We are pleased to welcome Cashbet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
The developers of newly issued CashBet Coin have designed it to fit nice and well on the iGaming shelf. Along with gambling on so-called “iGaming” phone apps to play Bingo and slot machine-styled games, the cryptocurrency can be used for making payments on any casino application or website powered by CashBet. Worth noticing that the industry of online gambling remains lucrative for investors after reported $43 billion market revenue last year.
Dr. Mike Reaves, CEO and founder of CashBet, said:
“The introduction of CashBet Coin will enable operators to solve the biggest problems facing crypto casinos today: speed, trust, and cost. Integrating blockchain technology into the CashBet core iGaming stack will open new markets by democratizing access to world-class entertainment for a new group of players currently underserved by the centralized banking establishment. Additionally, the associated technology initiative will be far more scalable and cost-efficient on a per transaction basis than current blockchain-based casino software.”
Dr. Mike Reaves also stressed that CashBet team will work on further development of Cashbet Coin by developing additional features for this technology in order to offer its customers the most feature-rich cryptocurrency-ready iGaming platform.
CashBet Coin’s presale went live yesterday, on January 24, 2018 at 5:00PM GMT and will end on February 20 at 5:00PM GMT. The official ICO starts on March 20 at 5:00PM GMT and will continue until April 27 at 5:00PM GMT.
A total amount of 430 million CBC tokens will be issued within two weeks after the ICO’s complition, and distributed among investors with starting value at 50 cents per unit. CashBet aims to collect around $40 million from the venture, with purchases of Cashbet Coin (CBC ) available for Bitcoin, Ethereum, and Litecoin.