Gibraltar United has made plans to include cryptocurrency as a payment option for its players next season. This is in a bid to encourage transparency in the football industry. Sources claimed that the club which was founded in 1943 has struck a sponsorship deal with the help of Pablo Dana, the club owner, and a Quantocoin ICO investor.
Cryptocurrency Payment Agreement
While addressing a media outlet, Dana stated that by the coming season, all the contracts of its players will contain cryptocurrency payment agreements. According to Dana, the introduction of cryptocurrency to the football club’s payment system is based on a major preoccupation with transparency. He also predicted that the transparent nature of the cryptocurrency system could help reduce the corruption scandals present in the football industry.
In addition, the introduction of cryptocurrency as a payment means has allegedly made things easier for foreign players who sometimes encounter difficulty in setting up effective bank accounts in the territory.
Speaking on the legal framework in Gibraltar, Dana noted that:
“It was the first [place that] regulated betting companies 20 years back, when everyone was seeing them as horrible. They put compliance and anti-money laundering regulations and created a platform. They have the intelligence to do the same with cryptocurrencies.”
Cryptocurrency in Gibraltar
It is pertinent to note that the adoption of cryptocurrency in the sports sector did not just begin with Gibraltar United, but the focus used to be more on betting, project promotion deals and gaming. In addition to the recent development in its sporting field, Gibraltar has also had other encounters that made it a cryptocurrency hub. For instance, on January 1, 2018, regulatory mechanisms designed to protect customers of cryptocurrency related businesses as well as its own reputation went into full effect in the territory. Also, sometime last week, the cryptocurrency exchange platform subsidiary of Gibraltar’s Stock Exchange became open publicly with six major cryptocurrencies namely BTC, ETH, LTC, RKT, ETC and BCH.
Football Teams Are Embracing Cryptocurrency
There are many football teams that are embracing cryptocurrency and blockchain technology as well.
In January, Arsenal Football Club, the London-based team signed a deal with CashBet.
The Partnership head from the London Football Exchange, Danny Stroud mentioned that the exchange is looking to have a token-based football community allowing clubs to contact directly with their fans following without friction.
In January, Harunustaspor, an amateur Turkish club, signed a deal with the player Omer Faruk Kiroglu partially with cryptocurrency.
Didier Drogba was recently announced as the official ambassador for All.me, cryptocurrency-based social network.
Last year, Luis Suarez, an Uruguayan player encouraged Stox on his Instagram account, a blockchain platform performing predictions.
Last week, Ronaldinho introduced a project namely “Ronaldhino Soccer Coin”, which is based on soccer betting platform, e-commerce, and digital stadiums.
Some more players forming partnerships with cryptocurrency are Luis Figo, Roberto Carlos, Michael Owen, and Lionel Messi.
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