eToro, a Tel Aviv-based multi-asset investment platform, has entered into a landmark partnership with seven English Premier League football clubs, allowing them to make payments to their players in bitcoin.
In a tweet through the platform’s official handle, Iqbal V. Gandham, eToro’s UK MD, announced that it will be bringing bitcoin to football after launching a historic partnership with seven premier league clubs. He was also quick to state that blockchain has the potential to enhance the experience for those who love the ‘beautiful game’.
It’s official. We’re bringing bitcoin to football 🙂
eToro has launched landmark partnerships with 7 Premier League clubs all paid using #bitcoin.
“Blockchain can improve the experience for everyone who loves the ‘beautiful game’,” says eToro UK MD Iqbal V. Gandham.
— eToro (@eToro) August 21, 2018
The clubs that agreed to set up a digital wallet with the global multi-asset investment platform include Tottenham Hotspur F.C., Southampton F.C., Newcastle United F.C., Leicester City F.C., Crystal Palace F.C., Cardiff City F.C., and Brighton & Hove Albion F.C.
Following the announcement, Gandham said in a statement that:
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.
As part of the agreement, team players can choose to have their payments made in bitcoin through their digital wallets on eToro. The bitcoin system will also assist the clubs to tackle counterfeit merchandising and ticket touting.
Gandham believes that the use of bitcoin in the transfer market, which is worth billions of pounds, would eventually help improve transparency. He said that the seven clubs in trial have received their payment in bitcoin in an effort to spark interest.
We’ve done a sponsorship deal, but rather than pay them in traditional pound notes we’ve paid them in bitcoin…. What they choose to do with that is entirely up to them, Gandham said.
Heads of all seven clubs showed their optimism
All the heads of the clubs involved in the partnership showed their optimism in the deal, saying that they are excited to be part of it as they explore the true potential offered by blockchain.
For instance, the head of Partnership at Tottenham Hotspur Fran Jones said that they are committed to innovation and technology, and that they are happy to partner with eToro in a field that’s developing a fast pace. Fran states:
At Tottenham Hotspur we are committed to technology and innovation and as such we’re excited to welcome eToro as a partner in a category that is developing at a rapid rate,
As critics continue to downplay bitcoin and other cryptocurrencies claiming that it’s a ‘bubble’ waiting to burst, more adoption is being witnessed across the world. If it works out for the clubs, more could join in, something that may eventually see cryptocurrency replace sterling pounds in the multi-million pound transfer industry.