Photo: Stuart MacFarlane/Arsenal Football Club
The London-based club became the first major football club to agree to promote a cryptocurrency business when it signed a sponsorship deal with CashBet.
CashBet is a Californian online gaming business formed in 2012, which has launched an Initial Coin Offering (ICO). The business was founded with a vision of “using their extensive gaming software experience to build a next generation mobile-first monetisation platform for social and mobile gaming.”
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.
The pre-sale kicked off on January 24 and is due to last until February 20 at 5pm GMT, followed by the public sale beginning on March 20, continuing until April 27.