Gemini and Peter McCormack’s football club sign a 5-year Bitcoin sponsorship deal

Gemini has announced a five-year sponsorship deal with Real Bedford, a football club co-owned by Peter McCormack. The objective is to support football’s success while enhancing children’s education opportunities. The sponsorship agreement includes an investment of $4.5 million in April via Winklevoss Capital.

The sponsorship agreement enables the football club to receive payments in Bitcoin ($BTC). It ensures the company’s logo is on players’ jerseys and across the pitch. While little is known about the values of both investments, certainly, Gemini has only signed a sponsorship deal with one football club, Real Bedford.

Real Bedford will receive sponsorship via Bitcoin Treasury, which holds the digital asset. The idea is to safeguard football savings and protect them from high inflation. Gemini said that the deal will help them build a new training center and launch a youth football academy where underprivileged children can participate to learn the sport.

The sponsorship deal builds on the principle of Real Bedford, which has almost entirely integrated Bitcoin into the treasury. The football club has crafted the system so players can receive their payments in BTC, and fans can purchase tickets and merchandise. McCormack reflected on the integration by saying that they have noted a return of 62%, which has strengthened their financial position and protected their cost base from inflation.

The move comes at a time when Bitcoin is marking upticks. It was last seen with a surge of 1.89% in the last 24 hours, listed at $62,666.82. It further reflects a jump of 2.68% in the last 7 days. Most of the trades have been in green in the last 24 hours, hinting at bullish signs for the digital asset. It was earlier hovering around $60,000 but has not made a recovery. There has been a notable market cap and 24-hour trading volume jump.

Developments like these are cementing the performance of the flagship crypto. The next five days could see it go as high as $73,237, a growth of almost 15.53% from the current value. Prevailing sentiments are neutral amid the volatility of 4.87% and the 14-day RSI of 44.01. The 50-day SMA and 200-day SMA are $66,428 and $57,935, applicable in the same order.

Moving forward, two events are waiting for Gemini—one, a settlement worth $50 million with the NY attorney general’s office, and two, a settlement worth $2.18 billion with Gemini Earn users in-kind.

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Gemini has not yet expressed interest in expanding its presence through other football clubs. Should that opportunity come by, Gemini might want to capitalize on that given the scope for gaining more exposure and building a reputation.

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