A new Bitcoin payment deal reached between eToro and 7 Premier League clubs

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A new Bitcoin payment deal reached between eToro and 7 Premier League clubs

Seven English Premier League football clubs have entered into a partnership with eToro. The Israeli-based investment firm which has a global appeal and which deals with a variety of assets has agreed to facilitate Bitcoin payments by seven English Premier League clubs to their players.

In the deal, the football clubs will set up a digital wallet with eToro. The players of the seven clubs will receive payments in BTC through the eToro wallets. The clubs in this deal which was reached at with the help of SportsQuake include Leicester City, Tottenham Hotspur, Southampton, Crystal City, Cardiff City, Newcastle United, and Brighton and Hove Albion Football clubs. SportsQuake is a sports marketing agency.

In this deal, customers of eToro who reside in the United States will access cryptocurrencies for the first time.

The details of the partnership

The news was first shared by Iqbal V. Gandham, who is the MD of eToro UK, who posted a tweet on the company’s official handle. Blockchain technology can improve the overall experience for all those who love this ‘beautiful game’, he wrote.

In the official press release, eToro said that this partnership is a major milestone in the usage and adoption of digital assets in the football industry. The usage of blockchain technology and cryptocurrency in the sports world will go a long way toward helping solve issues such as ‘ticket touting’ and ‘transparency’. This move will also help in guaranteeing the authenticity of merchandise.

The deal will boast eToro’s visibility internationally through various marketing channels which include matchday LED boards, digital rights, and player access.

It is worth noting that eToro has a been a pioneer in the industry for some years now. In 2020, for example, it announced that its customers could buy or sell cryptos such as Ripple, Dash, Ether, and Litecoin on its platform.

Earlier in 2020, the investment-only firm said it was launching a crypto exchange which will come with a wallet service.

What the MD said

In a statement, Gandham observed that eToro which is an international multi-media platform which enables a person to trade the world’s biggest cryptos alongside major financial instruments is very excited to be signing the new deal with the English football clubs. According to Gandham, this deal made history because eToro was the first company to pay for a Premier League deal using Bitcoin.

According to Mr. Gandham, this partnership serves as the first step in a long road where football stakeholders will embrace blockchain technology, hopefully. He further observed that education will play a major role in letting industries understand the true and full potential of blockchain technology. The partnership will help eToro gain even more international exposure and also help it in raising this technology’s awareness.

deal reached between eToro and 7 Premier League clubs

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7 Premier League clubs start making Bitcoin payments; thanks to eToro

Seven English Premier League football clubs have entered into a deal with eToro. In this historic deal, the football clubs will use eToro’s platform to make payments to their players using Bitcoin cryptocurrency. eToro is a global investment-only platform which is based in Tel Aviv, Israel.

What is contained in the deal?

In the deal, the seven football clubs which include Leicester City, Tottenham Hotspurs, Cardiff City, Southampton, Newcastle United, Crystal Palace and Brighton and Hove Albion will open a digital wallet with eToro which will be used to facilitate the Bitcoin payments.

The players of the said clubs will get payments in Bitcoin through their new eToro wallets. This is according to the contract which was reached with the help of a sports marketing agency, SportsQuake.

According to eToro’s UK MD, Iqbal Gandham, who tweeted the new deal via the company’s official handle, the blockchain technology can improve the experience of anyone who loves football.

This deal also means good news to the US residents who will now be able to access cryptocurrency on the eToro platform.

The official company press release

The company said in a press release that this new agreement between itself and the football clubs sets a new milestone in the usage and adoption of cryptocurrency in the football world. The company further notes that using blockchain technology and cryptocurrency in sports will help to solve some of the teething issues such as ‘ticket touting’ and ‘transparency’. The deal will also go a long way into helping improve the authenticity of merchandise, the statement said.

eToro is now going to gain lots of global visibility because its brand will have access to matchday LED boards, digital rights, and tickets.

It is worth noting that eToro was and still remains a true champion of cryptocurrency, in general. In 2020, eToro was one of the first Forex brokers who announced that its customers could start trading cryptos such as XRP, Dash, Litecoin, and Ether on its platform.

In May 2020, the company said that it was launching a crypto exchange which would come with a crypto wallet service.

What the Managing Director said

Mr. Gandham, through a statement, said that eToro being a global multi-asset financial player where any person can access the world’s most popular cryptos alongside the traditional financial instruments like gold, the company is excited to be partnering with the football clubs. He added that this deal is historic because eToro is the first company to pay for a Premier League agreement using BTC.

The new deal was just a small step toward a long road in the football world of fully accepting blockchain technology. Industries will come to embrace the full potential of this technology once more investment is made in education.

The eToro brand stands a greater chance of exposure with the help of the seven football clubs. This will help the firm raise the awareness level of blockchain technology globally, Gandham noted.

According to the leaders of the football clubs, the clubs stand a better chance of adopting and embracing upcoming innovations in technology and in the financial sector because of this partnership.

Even though eToro was the first to sign a Bitcoin payment deal with Premier League teams, in Europe, it was Gibraltar United which had tested the waters first. In July 2020, the club announced it would start making crypto payments to its players.

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