eToro is Gaining a Leg Up on the Crypto Competition with Premier League Clubs Football Collaboration
Football and Technology are becoming a hot topic across the beautiful game as seen by the negative comments against the Video Assistant Referee (VAR). As technology faces a backlash on the pitch, more football clubs are looking towards taking up blockchain technology and cryptocurrencies as a payment option.
Here are some of the events in football that shows the potential of Bitcoin and other blockchains solving the problems in football.
EToro Takes Blockchain To Football
One of the biggest news in blockchain in 2018 is the partnership between eToro and seven Premier League teams including Tottenham Hotspurs, Newcastle United and West Ham United. The partnership was paid for in Bitcoin (BTC) to increase the participation of these clubs with digital assets.
Speaking on the partnership the managing director of global investment platform at eToro, Iqbal Gandham praised the effect that blockchain will bring to blockchain including transparency and automation. Not only will blockchains revolutionize the current systems but
“the scale it can be used to improve football is second to none.”
Gandham who is part of the team that completed the deal with the premiership teams called on to more adoption of cryptocurrency across football saying,
“We are still at the education and introduction phase, but the next stage will be much easier, I expect to see the purchasing of players using Bitcoin and crypto asserts.”
UEFA Supercup Tickets
Early in the season when Real Madrid and Atletico Madrid met in the UEFA Super Cup finals, a blockchain ticketing app was used to buy tickets for the game. Furthermore, superstars in the game including Wesley Sneijder and Ronaldinho have looked at the possibilities to launch their own tokens to purchase football equipment.
Player Purchases And Salary Settlements
The purchasing power of cryptocurrencies took a favorable turn as Gibraltar United became the first team across Europe to pay their players wages through cryptocurrency. Furthermore, an Italian club was bought through cryptocurrency with Turkish player, Omer Faruk Kiroglu, also purchased in part Bitcoin during the January transfer window.
Corruption In football
Blockchains offer a transparent and fair platform to collect and manage the huge revenues collected across football. The top body in football, FIFA, has long been accused of corruption and some leaders of at the organization brought to book for the mismanagement of the federation’s funds. Furthermore, Gandham says,
“It gives you that guarantee of trust and I think that is really, really important. It will allow us to build a great twenty or thirty-year record, a database which shows all money transfers from clubs to players. That would be really interesting to a true supporter.”
Furthermore, clubs will be able to track their original jerseys across the world to make sure that their fans get what they pay for wherever they are across the planet.
As more football teams adopt blockchain technology and start using cryptocurrency as a payment option, other sports are likely to follow given the massive benefits listed above.