Arsenal strikes January deal for new cryptocurrency partner

Arsenal is set to promote the CashBet Coin ICO at home games at the Emirates Stadium.

Arsenal football club has signed a partnership deal with CashBet as it prepares to launch an ICO for its own cryptocurrency, the CashBet Coin.

Arsenal strikes January deal for new cryptocurrency partner

 

This marks a major first in both the worlds of football and of cryptocurrency, as Arsenal becomes the very first major club to promote a digital currency.

In the run-up to the ICO of CashBet Coin on the 24th of January, Arsenal will promote the digital currency at the Emirates Stadium during home games.

CashBet intends for coins to be purchased and then used to make bets, and it has ambitions to rake in $40 million from investors following the upcoming ICO.

Arsenal’s chief commercial officer Vinai Venkatesham said: “We are looking forward to working with CashBet Coin as they launch their new crypto-currency.”

Some controversy has arisen following the business move, with critics expressing concern that the high-profile, influential club is backing the volatile world of cryptocurrency.

According to the BBC, an Arsenal spokesman said in response the question of whether it was encouraging fans to bet on the currency: “Not at all. The partnership aims to promote CashBet Coin ahead of their Initial Coin Offer on 24 January… It does not exist to encourage fans to bet with CashBet Coin.”

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