View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
January 25, 2018

Arsenal strikes January deal for new cryptocurrency partner

Arsenal is set to promote the CashBet Coin ICO at home games at the Emirates Stadium.

By Tom Ball

Arsenal football club has signed a partnership deal with CashBet as it prepares to launch an ICO for its own cryptocurrency, the CashBet Coin.

This marks a major first in both the worlds of football and of cryptocurrency, as Arsenal becomes the very first major club to promote a digital currency.

In the run up to the ICO of CashBet Coin on the 24th of January, Arsenal will promote the digital currency at the Emirates Stadium during home games.

CashBet intends for coins to be purchased and then used to make bets, and it has ambitions to rake in $40 million from investors following the upcoming ICO.

Arsenal strikes January deal for new cryptocurrency partner

Arsenal’s chief commercial officer Vinai Venkatesham said: “We are looking forward to working with CashBet Coin as they launch their new crypto-currency.”

Some controversy has arisen following the business move, with critics expressing concern that the high-profile, influential club is backing the volatile world of cryptocurrency.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

According to the BBC, an Arsenal spokesman said in response the question of whether it was encouraging fans to bet on the currency: “Not at all. The partnership aims to promote CashBet Coin ahead of their Initial Coin Offer on 24 January… It does not exist to encourage fans to bet with CashBet Coin.”

Satoshi to Bitcoin: Everything you need to know
Stripe abandons Bitcoin over price instability
Online biometric payments brought to Europe by Mastercard

Bitcoin has become the notorious figurehead of the cryptocurrency world, having almost reached a value of $20,000 per BTC in 2017. Since then the currency has been true to its reputation of volatility, collapsing dramatically.

Very recently the major payment processing organisation, Stripe, dropped its support for Bitcoin due to its instability, but it maintained that it views cryptocurrency very positively. Despite the concern surrounding Bitcoin, it has paved the way to the high-profile gained by cryptocurrencies globally.

Another European step forward on the cryptocurrency front took place this week when the Japanese cryptocurrency exchange, bitFlyer, gained an Operational License in Europe.

Topics in this article : , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.