eToro is Paying in Bitcoin for UK Football Partnerships
The agreements eToro signed with Tottenham Hotspur, Newcastle United FC, Southampton FC, Leicester City FC, Cardiff City FC, Crystal Palace FC, and Brighton & Hove Albion FC will provide the trading service with marketing features such as LED advertising boards, player access, tickets and digital rights.
None of the clubs has revealed the value of the partnership agreements. Online media outlet Finance Magnates estimated the deals at 4-5 million British pounds, without giving details about the calculations.
According to eToro UK managing director Iqbal V. Gandham, Premier League contracts are good opportunities to raise awareness of blockchain technology and are a pioneering move bridging cryptocurrencies and football.
“As a global multi-asset platform where you can purchase the world’s biggest crypto assets alongside more traditional investments, we are excited to be partnering with so many Premier League clubs and make history by being the first company ever to pay for a Premier League partnership in [B]itcoin,” Gandham said.
One motive behind eToro’s decision to fund the collaborations with BTC was the intention to increase interest in cryptocurrencies, Gandham told The Telegraph and explained that what the clubs will use the coins for “is entirely up to them”.
The news of the 7 British clubs having received BTC instead of fiat money in return for granting eToro marketing exposure has left some Twitter members wondering what lies behind such a move. For instance, referring to Newcastle United owner Mike Ashley, Twitter member No Name noted:
? PARTNERS: We're delighted to welcome @eToro to our family of commercial partners.
— Newcastle United FC (@NUFC) August 21, 2018