The London Arsenal have just made history by signing a sponsorship deal with CashBet. The deal officially makes the Arsenal the first major sports team to ever sign a sponsorship deal with a cryptocurrency firm. The deal will result in the Premier league club promoting the coin’s ICO at the Emirates stadium which holds more than 600,000 people.
Despite regulations currently being put on cryptocurrencies and government concerns over fraud, the move should help push cryptocurrencies further into the mainstream. It was only last year that the Financial Conduct Authority swayed individuals from investing in cryptocurrency, saying that they should be prepared to lose their money if they do so.
The Financial Conduct Authority has yet to release any statements on the Arsenal’s decision to partner up with CashBet. That said, a spokesperson did comment that the regulators were preparing to,“conduct a deeper examination of the fast-paced developments” as well as make regulations stricter if necessary.
Despite threats from the FCA, the Arsenals and CashBet couldn’t be happier about the partnership. Chief commercial officer of the Arsenals Vinai Venkatesham stated,”We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.” CashBet’s feeling was likewise as they stated their firm is, “actively targeting a global, multibillion-dollar marketplace of i-gaming content providers, operators, and players”.
The CashBet website is already adorned with the Arsenal crest, as well as many pictures of the players.
Despite the major advancement for the cryptocurrency, most in Europe still have a negative outlook on the currency. Axel Weber, the chairman of the Swiss bank UBS had this to say, “Retail clients, who don’t fully understand these products, should be protected from going into these products, because if there is a retail client affected in the future, the question will be again: ‘Who was the bank that sold them these products?’ and then banks will be blamed again for what has happened,”