ARSENAL is entering the cryptocurrency world by signing a deal to promote new digital tokens being sold by an American gaming software company.
California-based CashBet said on Wednesday the Premier League club had agreed to become its "exclusive and official Blockchain Partner" ahead of the upcoming "initial coin offering" (ICO) of its new cryptocurrency, "CashBet Coin".
The partnership makes Arsenal "the first major team in world football to officially partner with a cryptocurrency", CashBet said in a statement.
Arsenal's Chief Commercial Officer, Vinai Venkatesham, said the North London club was "looking forward to working with CashBet Coin as they launch their new cryptocurrency".
CashBet sells software that helps gaming companies accept bets using cryptocurrencies.
And CashBet Coin will be advertised at Arsenal's Emirates Stadium, with CashBet to use Arsenal's brand to promote the new tokens.
The explosive rise in prices for cryptocurrencies such as bitcoin last year has drawn in millions of buyers across the globe. Hundreds of new coins have been offered for sale to the public.
Regulators have called the investment mania a dangerous bubble, and said ICOs are "highly speculative" with investors putting their entire capital at risk.
Backers of cryptocurrencies say the technology underpinning virtual coins has the potential to transform the way we handle money.
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.”
Dr Mike Reaves, CEO and Founder of CashBet, said: “With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players.
“We are delighted to do so in partnership with one of world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way.
“Designed specifically for iGaming, CashBet Coin will improve the online experience for real money, casino, social, skill-based, eSports and sports betting players through increased trust and transparency, faster payouts, reduced fees and dedicated player protection.”
The ICO presale will begin on January 24, 2018 at 5pm GMT and end on February 20 at 5pm GMT, followed by the public sale beginning on March 20 at 5pm GMT and continuing until April 27 at 5pm GMT.