In what can be described as a first instance of a major cryptocurrency associating and sponsoring a major sports team, English Premier League football team Arsenal FC has announced a partnership with Cashbet. Cashbet is a cryptocurrency which has been specially designed for iGaming. The association of sports along with cryptocurrency is catching on rapidly nowadays, with Bellator MMA welterweight champion Rory Macdonald recently spotted wearing clothes representing Dashcoin in exchange for 330 DASH.
Arsenal FC’s Chief Commercial Officer, Vinai Venkatesham stated that the team was pleased and ecstatic about their partnership with Cashbet Coin and were looking forward to working with the Cashbet team as they are ramping up to launch their ICO in the coming weeks. The Chief Executive Officer of Cashbet, Mike Reaves, also expressed happiness about the partnership and said that through their ICO of Cashbet Coin they are targeting the multi billion dollar market of iGaming and their partnership with Arsenal would help engage and tap in new audience in a more meaningful way.
The deal has been struck for an undisclosed sum of money and gives the right to Cashbet to be the exclusive blockchain partner for Arsenal. It also gives them an opportunity to promote their ICO at the FC’s 60000-seater Emirates Stadium.
The Financial Conduct Authority has reportedly declined speaking on this announcement. However, a spokesperson for the authority has underlined the fact that the institution is observing and taking further notice of the fast developments which had occurred in the field of cryptocurrency and it would be willing to take further regulatory action if necessary.
Partnerships between cryptocurrency communities and sporting personalities have been on the rise in recent times and have come a long way from earlier efforts, like the Dogecoin funding of the bobsled team from the country of Jamaica or the Potcoin’s sponsorship of Dennis Rodman’s North Korean trip. One can expect to see more such deals in the future.