Gibraltar United, a Premium Division football team is to become the first football team to use cryptocurrency to pay its players next season. Team owner Pablo Dana has initiated a sponsorship partnership, after investing in a platform created to offer cryptocurrencies for daily usage. This partnership will be one of the first cases were teams and athletes try to use cryptocurrencies.
Gibraltar’s financial sector has adopted blockchain technology and has taken the forefront in leading the state. At the beginning of the year, the government initiated regulations for businesses using blockchain technology. The government is also set on creating a regulatory framework for ICOs.
According to Dana, where Gibraltar as a state is trying to legalize cryptocurrency trading, Gibraltar United wishes to add more transparency to football with the hope that this will cut down the corruption that is already existing in the sport.
Cryptocurrency has also been used as a way to pay foreign players who find it difficult to create bank accounts in Gibraltar while avoiding taxes and fees.
Gibraltar was the first nation to control betting companies 20 years ago according to Dana. The government created anti-money laundering laws. In its own way, gambling has become a part of football, fetching millions of pounds worth of advertising.
As a matter of fact, more teams have adopted cryptocurrency and blockchain technology.
The London based Arsenal Football Club made a partnership with Cash Bet, a cryptocurrency earlier in January.
Danny Stroud, head of partnerships for the London Football Exchange noted that the exchange is keen in having a token-based football community to make it possible for clubs to connect easily with fans.
Additionally, the exchange also planned to introduce cryptocurrency to the Bar, an Italian club, and Alcobendas, a Madrid based club. The agreements will cut down on merchandise and ticket prices and allow fans to buy parity in the clubs.