Arsenal signed sponsorship with CashBet Cryptocurrency ⚽️⚽️⚽️

Arsenal has signed a sponsorship deal with the US cryptocurrency CashBet, which will see the Premier League club promote the firm’s initial coin offering (ICO) at the 60,000-seat Emirates stadium.

The deal, the value of which was undisclosed, is the first time a major global sporting team has officially partnered with a cryptocurrency firm. It comes as an increasing number of regulators and business leaders express concern about the dangers of consumers risking their savings in unregulated virtual currencies.

In an ICO the issuing company accepts a cryptocurrency, such as bitcoin or Ether, in exchange for “tokens” in the venture, which can represent a share in a firm or even a prepayment voucher.
Vinai Venkatesham, Arsenal’s chief commercial officer, said: “We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”

CashBet said it was delighted to be able to secure a deal with Arsenal as the firm is “actively targeting a global, multibillion-dollar marketplace of i-gaming content providers, operators and players”.

CashBet, which plans to raise between $40m (£28m) and $70m from the sale of CashBet Coins tokens in its ICO, uses Arsenal’s crest and player’s images on its website and the club describes CashBet as its “first official cryptocurrency partner”. CashBet Coins will initially be priced at 50 cents and are designed to be used on CashBet’s mobile phone gambling apps
theguardian.com
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