Football Team, Gibraltar Will Pay Players In CryptocurrencyJuly 31, 2018
A new partnership rose up from a football team called Gibraltar United and Quantocoin Company. This partnership made Gibraltar the first football team offering Cryptocurrency to their players as payment.
A Dubai-based Italian national, Pablo Dana, is the owner of Gibraltar United since April 2017 and investor of Quantocoin; the latter aims to launch Blockchain-based banking applications for mobiles later this year.
A Little Bit Of History
This football team is Gibraltar United, formed in 1943. Lions Football Club decided to unite with Gibraltar during 2011; during that time, they were known as Lions Gibraltar FC. This union lasted three years until both teams split in 2014, where Gibraltar United was born once again. The team plays in Gibraltar’s Premier Division, certified by UEFA in 2013.
Partnership Between Gibraltar And Quantocoin
The idea of being partners with this crypto company didn’t occur only from the fact that Dana is an investor. The introduction of Cryptocurrency to Gibraltar United firstly came out from all the issues regarding transparency and corruption associated with football, saying that the open-access characterizing the technology could help fight all the controversy that has plagued the sport.
This link between Quantocoin and Gibraltar United began when Heritage Sports, one of the club’s shareholders signed for a partnership deal with Quantocoin in January.
This partnership’s terms would let players, fans, and employees from Heritage to use the firm’s services. It also means that Heritage Sports Holdings could use Cryptocurrencies to purchase players.
This partnership between both parties would help Gibraltar United a lot regarding payments and helping foreign players. Opening a bank account in British Overseas Territory can be difficult sometimes for foreign users.
In legal terms concerning Gibraltar, they turned the Gibraltarian government with a territory where Cryptocurrency becomes the world center due to their progressive laws.
20 years ago, the company was one of the first regulated gambling companies.
It was during a time when everyone saw betting companies as horrible places associated with money laundering. Dana ensures that Gibraltar will accomplish with Cryptocurrencies the same thing they did with bets 20 years ago.
Cryptocurrency Made Its Way Into Football
We’ve seen Cryptocurrency getting involved with sports before, and this has not been the first time they do something related to football.
At the start of 2018, the English football club Arsenal made a contract with CashBet Coin, an online gaming and gambling service.
At the end of January 2018, Harunustaspor bought Omer Faruk Kiroglu and got the recognition to be the world’s first to acquire a player with Cryptocurrencies. It cost them 0.0524 BTC (at that time, it was 1226 pounds).
And, early in July 2018, a Cryptocurrency exchange called CoinDeal signed a sponsorship agreement with the English club Wolverhampton Wanderers. Players from the team will display CoinDeal’s logo on their uniform sleeves.
Last but not least, Eintracht Frankfurt—a German club—signed a sponsorship a few days ago with eToro, a popular Cryptocurrency brokerage.