Today, in a first for the world of football, Arsenal signed a landmark deal to promote a cryptocurrency.
The Premier League outfit has signed an agreement with Cashbet, a blockchain firm that is planning to launch its own currency to challenge the likes of litecoin, ethereum, and bitcoin.
The said partnership will see Cashbet be given a prominent placement at the Emirates Stadium during home games of the club.
Cashbet was founded in California in 2012. It is a mobile-first online gaming company. It aims to raise $40m (£28m) via an initial coin offering which can then be utilised on its gaming platform.
Mike Reaves, the founder of Cashbet, stated: “With our ICO for Cashbet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players.”
Vinai Venkatesham, Arsenal chief commercial officer, added: “We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
The said launch happened after the boss of the biggest spread-betting company of Britain hit out at the “crazy” levels of advertising of financial products during football games.
Peter Hetherington, the chief executive of IG Group, stated: “We think it is absolutely crazy that you can’t watch a football game in this country without seeing advertising for CFDs, FX or binaries all over the football stadiums.”
Hetherington also criticised Cristiano Ronaldo, the Real Madrid superstar, for fuelling problem investing.
Hetherington informed reporters: “The fact that Cristiano Ronaldo tweeted his 49m followers what a great idea it was to open a CFD trading account with a Cypriot shop that sponsored him – the only thing you can say with certainty is that it was not a good idea for all of those 49m poor souls who follow him.”