According to sources, Gibraltar United; a well-known football club based in Europe is set to become the first club to introduce cryptos as a payment method. Subsequently, the club will be paying its players in crypto next season.
In fact, Pablo Dana, the team owner of Gibraltar United recently invested in a cryptocurrency known as Quantocoin will be providing sponsorship facilities to the team and other athletes that find cryptocurrencies useful.
The football club is not the most renowned club in the world. In fact, Gibraltar United was just certified by the UEFA champion’s league back in 2013. That said, every year ten football clubs face each other on the field to win the championship trophy. Gibraltar United football club is paying the players in crypto for the first time and may inspire other famous clubs to follow in their footsteps and adopt cryptocurrencies as a payment method.
Bringing Transparency in Football
Pablo Dana, the team owner of Gibraltar United, wants to bring authenticity to crypto trading, he believes payment procedures based on blockchain will end the corruption in the sport. One benefit of blockchain based payments is that it will allow foreign players to get paid directly into their crypto wallets instead of setting up bank accounts.
“It was the first [place that] regulated betting companies 20 years back when everyone was seeing them as horrible. They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies”
Some have suggested Dana is trying to pump their investment as he is affiliated with Quantocoin.
Crypto Embraced by Football Teams
Other football clubs have adopted blockchain technology and cryptocurrencies such as Arsenal, who have signed a sponsorship contract with CashBet back at the start of 2018. Danny Stroud said the London football exchange is also interested in a token- based football audience to allow other clubs to better interact with the fans.
In addition, the exchange has introduced cryptos to Alcobendas, a football club based in Madrid, and Bari, club based in Italy. Notably, the agreements will reduce the prices of tickets, and it will allow fans to purchase the stake in the clubs.