That’s right, the highly celebrated English football team is stepping into the world of cryptocurrency. No, not by releasing their own token through an Initial Coin Offering but through sponsorship deal with a US based gaming company called Cash Bet.
This deal will see the two organizations collaborate in the department of marketing, Arsenal will help Cash Bet to gain awareness for it’s token generation event via their global brand on the football stage. Their stadium ‘The Emirates Stadium’ has a capacity of just under 60,000 and appear to millions of viewers on television frequently
At the current moment, neither party has confirmed the exact numbers involved in terms of pricing of the deal. Yet, this will mark a first occurrence, the first time that a widely known sports team has partnered with a company that is directly involved in the cryptocurrency space.
A Bolstering of the Cryptocurrency Market Despite Regulatory Concerns
It’s certainly coming at an interesting time too, the past few months have been rife with concerns of extreme regulation on the cryptocurrency space, with some concerns of there being banning in significant countries like South Korea. As of late, people from the EU and other institutions that are in control of banking at various levels, institutions like the International Monetary Fund have called for global coordination on the regulation of Bitcoin.
Regulatory bodies in the UK have also expressed concerns about CFDs in Bitcoin, calling them highly speculative and very risky.
Over the course of the past few months, regulators have also been very keen to discuss tax codes on the emerging markets of cryptocurrencies.
Regulators keep stressing that they are issuing these warnings to protect consumers in several ways, such as, protecting them against money laundering and against losing their capital in highly risky and speculative investments.
Yet, an event, or rather, partnership like this for an emerging company like Cash Bet, who is about to conduct their Initial Coin Offering, legitimizes the space and new companies further, further integrating cryptocurrencies and it’s various use cases into global society.
This also exposes more people to the rising phenomenon of the Initial Coin Offering, a funding mechanism which came about recently, that allows project leaders to issue tokens for their system in exchange for prominent cryptocurrencies like Bitcoin and Ethereum. The investors in these tokens typically do so because they believe that company issued tokens will rise in value or because they think that they will be participants in the system and thus, need to use the tokens to do so.
CashBet Comments & Partnerships
The gaming company, CashBet stated recently that Arsenal would be it’s official partner and said that the English Club would be “the first major team in world football to officially partner with a cryptocurrency”.
They also state that they were “founded in 2012 by a team of industry veterans with a vision of using their extensive gaming software experience to build a next generation mobile-first monetization platform for social and mobile gaming. Previously, the team successfully built and sold 2 other gaming platforms to CyberArts and US Digital Gaming (USDG).”
The company is seeking to raise capital in the range of $40 – $70 million via their Initial Coin Offering.
Vinai Venkatesham, Arsenal’s chief commercial officer, said: “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.”