A global investment platform eToro has announced partnerships with seven Premier League Football Clubs to pay them in Bitcoin. These clubs include Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., Southampton F.C., and Tottenham Hotspur.
These partnerships are another step towards adoption of cryptocurrency in the sports industry, particularly football.As per eToro, cryptocurrency and the blockchain technology underlying it can improve the world of football and sports. According to the company, future prospects of this technology in the sports industry include solving problems with transparency, ticket touting and providing guarantee of merchandise.
Iqbal V. Gandham, UK Managing Director at eToro commented on these partnerships:
“As a global multi-asset platform where you can purchase the world’s biggest crypto assets 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.”
Through these partnerships, eToro will also gain worldwide exposure through a range of marketing activities such as player access, tickets, digital rights and more.
Further Gandham explained that this announcement is the first step on a long road of football finally accepting and adopting blockchain technology. He believes that education is essential so that industries can see real time examples of how this technology is beneficial and therefore the global relations achieved through the partnership with Premier Club Teams is helpful.