Tel Aviv-based social trading platform eToro announced today that it has entered into marketing partnerships with seven separate Premier League football clubs, becoming the first ever company to fund such a partnership with Bitcoin.
According to the announcement, eToro will partner with Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C., Southampton F.C., and Tottenham Hotspur.
In a statement accompanying the announcement, Iqbal V. Gandham, UK Managing Director at eToro, emphasized his excitement in becoming the first company to bring cryptocurrency to the Premier League.
As a global multi-asset platform where you can purchase the world’s biggest cryptoassets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in bitcoin.
While the extent of cryptocurrency involvement in the partnerships is currently limited to payment, eToro believes that blockchain technology could have a significant impact on Premier League operations in the near future. The company states that the blockchain could help “[address] issues of ticket touting, problems with transparency, and [provide] a guarantee of authenticity for merchandise.”
This news comes just a day after eToro added IOTA (IOTA), a public distributed ledger that aims to power Internet of Things (IoT) networks, to its list of digital assets available to trade on its platform.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.