In a move that signifies what could be the future of money transfer in football, seven premier league clubs have tested Bitcoin use making it the first such incident in the EPL. The teams are working in partnership with eToro to explore how crypto and blockchain can be utilized in football.
EToro has so far helped the seven clubs set up Bitcoin wallets and in turn, they have received their first Bitcoin payments. The clubs include; Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace.
These clubs have already agreed to set up a digital wallet with some of them even stating their confidence on cryptocurrencies and its potential to replace the British pound in the multi-billion-dollar industry.
Etoro, the trading platform behind this new move said they expect bitcoin to help clubs “tackle tickets touting and counterfeit mechanizing”
Etoro in a bid to spark more interest in cryptocurrencies paid the 7 clubs for a sponsored partnership deal in cryptocurrencies. “We’ve done a sponsorship deal, but rather pay them in traditional pound notes we’ve paid them in Bitcoins. What they choose to do with that is entirely up to them”
According to the head of Partnerships at Tottenham, dealing with innovative technologies like cryptocurrencies is something the club is always open for.
“the club is committed to technology and innovation” Frans Jones.
Meanwhile, Paul Baber, the Chief executive at Brighton said, “ the project will help us understand the true potential offered by blockchain”
This will, however, not be the first time that Bitcoin or cryptocurrencies will be linked to the football industry. Some footballers have already in the past accepted payments in Bitcoin while superstars like Michael Owen has been rumored to be planning on launching his own cryptocurrency.
What are your thoughts on this move? Do you think if this trial is successful we could see more Bitcoin use in the industry?
Share your thoughts below.