Etoro, the world’s largest social investment network, has teamed up with seven high-profile English Premier League clubs for the forthcoming 2018/2019 season.
The most interesting part of the sevenfold deal is the fact that it will be paid in Bitcoin, which is what makes them one-of-a-kind. It is important to emphasize that this is the first time that the League has a large-scale institutional exposure to cryptocurrencies.
Etoro partners with 7 UK football teams
The seven teams who have entered into a partnership with the UK-based trading platform include Tottenham, Crystal Palace, Newcastle United, Southampton, Cardiff City, Brighton, and Leicester City.
“The blockchain technology that underpins crypto currencies like bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game,’ from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionise the world of football. In terms of our strategy, we wanted eToro to be seen as a Premier League player and not just working with a single club. SportQuake has been instrumental in helping us put together this high-density, multi-club, multi-platform marketing strategy,” said Iqbal V. Gandham, eToro’s managing director for the U.K.
Under the agreed upon terms, all the seven clubs will be setting up their eToro digital wallets on trial basis. In the future, that could lead to the British pound sterling replacing Bitcoin when settling payments for player transfers in the Premier League.
“At Tottenham Hotspur, we are committed to technology and innovation and as such we’re excited to welcome eToro as a partner in a category that is developing at a rapid tate,” said Fran Jones, Head of Partnership, Tottenham Hotspur F.C.
Etoro is a global investment platform with over 10 million registered users. It was established in 2007, and is regulated by the FCA and CySEC. Etoro offers one account type, and the minimum first-time deposit is $200. Recently, eToro added IOTA to its platform, bringing the total number of cryptoassets to 12.