Seven Premier League clubs have agreed to be paid in digital currency bitcoin for partnership deals with global investment platform eToro.
In its official announcement, eToro said that it is partnering with seven football clubs including Brighton, Cardiff City, Crystal Palace, Leicester City, Newcastle United, Southampton, and Tottenham Hotspur. It said that the partnerships mark the first step in bringing the opportunity offered by bitcoin and cryptoassets to football.
As a result of this partnership, eToro will gain global exposure through an extensive range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.
"As a global multi-asset platform where you can purchase the world's biggest cryptoassets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin,” Iqbal V. Gandham, UK Managing Director at eToro said.
eToro believes that cryptocurrencies and the underlying blockchain technology can help improve various issues in the field of sports such as ticket touting, problems with transparency, and providing a guarantee of authenticity for merchandise.
"Today's announcement is the first small step on a long road to football fully embracing blockchain technology. Education will be key so that industries can understand the potential and so getting global exposure through these Premier League clubs represents a great opportunity to raise awareness,” Gandham added. "Blockchain brings transparency, which means it can improve the experience for everyone who loves the 'beautiful game'."
