English football giants, Arsenal, announced on 24 January 2018 that it had signed a sponsorship deal with the US cryptocurrency platform CashBet Coin. As a part of the deal, the Premier League club will promote the firm’s Initial Coin Offering (ICO) at the 60,000-seat Emirates stadium, according to a report by The Guardian.
Speaking on the deal Arsenal’s chief commercial officer Vinai Venkatesham said: “We are looking forward to working with CashBet Coin as they launch their new crypto-currency.”
Venkatesham added that he does not feel that this deal will encourage fans to invest in a highly volatile cryptocurrency market, but said that the partnership rather aims to promote CashBet Coin ahead of their ICO on 24 January.
The value of the deal was not revealed, but this is the first time a major global sporting team has officially partnered with a cryptocurrency firm.
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By Dean Workman
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