Premier League Club Arsenal FC will be the first football club to promote an ICO (Initial Coin Offering) at the prestigious Emirates Stadium. This is a first for the cryptocurrency and football industry.
The news is out that Arsenal signed a deal with CashBet, an online gaming site to promote their ICO token called CashBet Coin at the 60 000-seat stadia in London. CashBet was started in 2012 in California and currently has more than 25 000 active players.
This partnership makes Arsenal the first major football club to accept a partnership with a cryptocurrency project and blockchain. The deal includes advertising in the stadium. At this stage, it is unknown how much the deal cost.
Regardless, the chief commercial officer of Arsenal, Vinai Venkatesham was quoted saying that they welcome CashBet Coin as a partner and are looking forward to the launch of the new cryptocurrency.
The CashBet Coin is aimed at the iGaming industry and hopes to achieve faster pay-outs, dedicated player protection, reduced fees and overall improvement of the online experience. With the launch of the ICO, CashBet hopes to raise $40 – $70 million. Images of the players, as well as the Arsenal crest, will be used on marketing material as the football club’s “first official cryptocurrency partner.” During the first phase of the ICO, CashBet Coin can be bought for 50 cents. The pre-sale started on 24 January and will close on 20 February. There will be a public sale from 20 March until 27 April.
CEO and founder of CashBet, dr. Mike Reaves said they were delighted to have Arsenal FC on board and praised them for being a true giant in the football world.
Click here for the official announcement.