Cryptocurrency Making its Way into Football Clubs and their Business
Blockchain and cryptocurrency hold great potential in sports like football that has the potential to create huge business opportunities and also to change the lives of many.
The latest to join the bandwagon of football clubs that are doing online business through cryptocurrency is the Famous German Football club, Bayern Munich. According to reports, the club has made a deal with Stryking Entertainment to produce virtual collectibles of the club’s players, or playing cards of the athletes, which could be used to compete in online competitions.
European Football club Benfica accepted sponsorship in the form of tokens for a Champions League match. They also sold tickets for the September Leipzig on the UTRUST platform, which is a cryptocurrency platform.
At the beginning of 2019, Juventus club, in association with Socios.com, a blockchain-based online platform, launched the Juventus Official Fan Token. The fans of the club could buy the tokens in exchange for cryptocurrency. This campaign was started to encourage its global fan base to participate in the digital currency market. Giallorossi, a well-known Italian football club, also partnered with Socios.com this August to launch its customized digital token, CHZ, for a price of €2.
In January this year, Arsenal showed the potential of blockchain by being the first most popular football club to accept sponsorship from cryptocurrency, CashBet.
A Premier football club Gibraltar United has come to the limelight because of the decision of its owner Pablo Dana to pay its players in terms of cryptocurrency. Dana, an investor in the cryptocurrency Quantocoin, has said that from the coming season, all the player contracts will have payment agreements in cryptocurrency. He believes that this is a good way to eliminate the corruption that has plagued the game.
According to Dana, Gibraltar provides the best environment:
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.
