Sofiko is a freelance fintech copywriter at Coinspeaker. With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.
As a partner of seven Premier League clubs, the global investment platform eToro is going to fund the sponsorship deal that will see it pay for football with Bitcoin.
The time has shown that football industry is poised to cryptocurrency more than others. Only a few advanced fintech companies have incorporated a remuneration system backed by digital assets, in the meanwhile football players get all sort of crypto-bonuses.
Previously Coinspeaker reported Gibraltar United became the first football team to pay its players in cryptocurrency due to a very favorable regulatory framework settled in the country. Back then the team owner commented on the shift to crypto-payments citing challenges foreign players are exposed to when establishing bank account in Gibraltar.
Today cryptocurrency becomes a turnkey solution for other football clubs. According to the recent announcement the world’s leading online platform for cryptocurrency investment eToro has signed a partnership deal with seven Premier League football clubs including Tottenham Hotspur, Newcastle United, Crystal Palace, Leicester City, Southampton, Brighton & Hove Albion and Cardiff City. The landmark deal will see the platform pay league members with Bitcoin and also become an official club partner.
The strategy was planned and negotiated by SportQuake, the specialist sports marketing agency, and provides eToro with a full range of sponsorship assets, including player access, digital rights, tickets, LED perimeter boards and interview backdrops to build a global campaign including TV, digital and social exposure.
Being the first brand to pay for a Premier League partnership in Bitcoin, eToro defined the partnerships as a launchpad to bring the opportunity offered by Bitcoin and crypto-assets to football.
The platform believes that crypto, and the technology, namely blockchain that underpins it, can improve football and the world of sports. In the future, this could include addressing issues of ticket touting, problems with transparency, and providing a guarantee of authenticity for merchandise.
eToro’s managing director for the U.K., Iqbal V. Gandham said:
“The blockchain technology that underpins crypto currencies like Bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game’, from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionise the world of football.”
The representatives of Premier League football clubs, in turn, are delighted to welcome eToro to their family of high-profile commercial partners, looking forward to exploring opportunities in cryptocurrency and technology together with the leading player in an emerging industry.
Matt House, Founder and CEO of SportQuake commented:
“With over 10m customers across 100 markets since 2006, eToro is building an important multi-market financial services business dezocratising trading in crypto currencies and established asset classes. Working closely with Iqbal and his team our research showed strong synergies between eToro and The Premier League and that through a properly planned and bought campaign, eToro could steal a march on their competitors and put eToro, Bitcoin and blockchain at the heart of The Premier League conversation worldwide.”
Interestingly, not only does eToro hope to revolutionize the method by which football transfer deals are paid for in the future, Premier League clubs believe that the Bitcoin system itself can be used to tackle ticket touting and ensure transparent and beautiful football.