English Football team Arsenal has signed a deal the US cryptocurrency firm CashBet, which will see the Premier League club promote the company’s opening coin offering at the 60,000-seat Emirates stadium.
The deal, with value undisclosed, entered into with a cryptocurrency firm, is the first of its kind for a major global sporting team.
Surprisingly, it also comes at a time when an increasing number of regulators and business leaders express concern about the dangers of consumers risking their savings in unregulated virtual currencies.
CashBet Coin (CBC), designed by Oakland, California-based gambling platform CashBet, opened presale for its ICO, or initial coin offering, at 11 a.m. Eastern time yesterday. It goes on public sale on March 20.
The cryptocurrency can be used to gamble where legal on so-called “iGaming” phone apps to play Bingo and slot machine-styled games.
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.”
CashBet Coin will be advertised at Arsenal’s Emirates Stadium, and CashBet can use Arsenal’s brand to promote the new tokens.
The explosive rise in prices for cryptocurrencies such as bitcoin last year has drawn in millions of buyers across the globe. Hundreds of new coins have been offered for sale to the public.
