A company of crypto-currencies is sponsoring the Premier League team Arsenal

The first deal with a big English team is going to allow the promotion of CashBet. In fact, the club Arsenal has agreed to promote the business of crypto-currencies. Arsenal has signed a sponsorship contract with the american company CashBet. The Premier League club thus ensure the promotion of the ICO of the firm’s hospitality at the Emirates stadium of 60,000 seats.

The agreement, whose value was not disclosed, is a first. Actually, no major sports team, has not yet completed such a transaction with a company of digital currency. It comes as a growing number of regulators and business leaders express their concern about the hazards that are likely users.

Please see below the details of this novel :

A collaboration that is quite surprising

In an ICO, the issuing company will accept a crypto-currency, like Bitcoin, or the Ether, in exchange for chips in the business. This can represent a share in a company. The oversight body of the city, the FCA (Financial Conduct Authority), has warned users in the last year that they should be ready to lose their money if they invested in Bitcoin.

The FCA refused to comment on the decision of Arsenal to promote such an enterprise, but a spokesman stressed that the regulator was planning to conduct a more thorough review of the fast development of the ICO and would take further regulatory measures if necessary.

Arsenal very happy of this partnership

Vinai Venkatesham, sales manager of the Gunners, has said that they are delighted to welcome CashBet as a partner. They are looking forward to working with this firm at the launch of their new crypto-currency.

Source : Vimeo. Arsenal, the first team of the Premier League to work with a company of crypto-currencies.

CashBet has also expressed their feeling relating to this agreement. The company has said that this collaboration was a good thing for the two entities. CashBet, which plans to raise between $ 40 million and $ 70 million for the sale of their chips CashBet Corners, at a ICO, uses the image of Arsenal on its web site. The london club describes CashBet as its first official partner operating in the world of virtual currency.

Source : TheGuardian