Arsenal Football Club is now officially in the crypto-casino business!
In a first-of-its-kind deal, Arsenal FC have signed a partnership deal with CashBet, ahead of the latter’s ICO (Initial Coin Offering) of its cryptocurrency called CashBet Coin, designed particularly for iGaming. Not only has Arsenal become the first Premier League club to sign such a deal, but also the first major sports team to sign a blockchain partner.
The deal has come through even though a rising number of regulators and business leaders have been issuing warnings about the dangers of risking money in unregulated virtual currencies. However, this sponsorship deal between CashBet and Arsenal is signed, with the value of the deal currently undisclosed.
CashBet has already begun using Arsenal’s crests and player images on their website. On the other hand, the agreement will see the CashBet Coin brand getting in-stadium advertising for Arsenal home games at The Emirates Stadium.
“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,” said Arsenal’s chief commercial officer, Vinai Venkatesham on this story.
The CashBet Coin ICO presale began on 24 January and will end on 20 February at 17:00 GMT. CashBet Coin (CBC) can be purchased using Bitcoin, Ethereum & Litecoin, and CashBet hopes to raise around $40 million from this venture. “With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players,” said Dr. Mike Reaves, CEO and Founder of CashBet.
What is a blockchain, you ask?
A blockchain is a digital ledger that records transactions made in Bitcoin or any other cryptocurrencies on the internet. These transactions are recorded chronologically and publicly, and are secured using cryptography. Blockchains are secure by design and they have solved the issue of needing trusted authorities or central servers.
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