Social trading and investment platform eToro has signed sponsorship deals using Bitcoin with seven Premier League football clubs in the U.K. for the first time.
Crypto Comes to Football
This is believed to be the first sponsorship deal where Bitcoin will be used in a football tournament. Newcastle United announced the partnership with eToro online yesterday. It noted that the trading platform will become an official club partner, adding:
As part of the new partnership, the company will gain global exposure through an extensive range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.
The other six clubs are Tottenham Hotspur, Brighton & Hove Albion, Crystal Palace, Cardiff City, Leicester City Football Club, and Southampton.
Dale Aitchison, Newcastle United’s head of partnerships, said:
This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.
Leicester City Football Club took to Twitter to reveal the news.
— Leicester City (@LCFC) August 21, 2018
Speaking of the partnerships, Iqbal V. Gandham, eToro’s UK managing director, said:
This is very much the first step on a long road to football fully embracing bitcoin and the underlying blockchain technology.
Notably, this move marks a significant step into mainstream sports for Bitcoin. It’s hoped that the popularity of football and the partnership with eToro will mark a fresh wave of interest in cryptocurrencies.
Gandham continued by saying:
Education will be key so that industries can understand the potential.
eToro Continues to Embrace Crypto
This is proving to be a productive year for the social trading platform.
In March, it raised $100 million in a venture funding round. The money will go toward supporting its blockchain-backed developments. It has also added 12 crypto assets in a bid to answer investors’ needs for more exposure to different altcoins.
To date, these include Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, EOS, Cardano, and NEO. On Monday, it announced the addition of the Internet-of-Things (IoT) focused crypto asset, IOTA.
Additionally, the platform is getting ready to launch a crypto offering in the U.S. and is considering an eToro wallet. Not only does it offer investments in cryptocurrencies, it also provides investment options in stocks and commodities. However, it is quickly establishing itself as a trusted player in the crypto world.
Now with the sponsorship deals with the seven premier league football clubs, it is continuing its mission of bringing the industry further into the mainstream.
And what better way to achieve that than through sports.
What do you think of the sponsorship deals? Let us know in the comments below.
Images courtesy of Shutterstock and Twitter/@LCFC.