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Football Players to be Payed in Cryptocurrency Starting From Next Season.

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Gibraltar United FC.

A Premium Division football team, Gibraltar United, will become the first football team to pay its players in cryptocurrency from next season, according to The Guardian. Pablo Dana, who is the owner of the team has invested in Quantocoin, a platform designed to provide cryptocurrencies for everyday uses, has started a sponsorship partnership, one of several instances of football teams and athletes finding a use for cryptocurrencies.

Gibraltar's financial sector has embraced blockchain technology and is leading the state in its adoption. In January the government introduced regulation for businesses using blockchain technology. The government also plans to introduce a regulatory framework for ICOs.

Curbing The Corruption In Football

Where Gibraltar as a nation is hoping to bring legitimacy to crypto trading, Dana said Gibraltar United wants to bring more transparency to football, believing that the technology will reduce the corruption that has befallen the sport.

Cryptocurrency has also provided a means for paying foreign players who struggle to establish bank accounts in Gibraltar while sidestepping taxes and fees.

Football Teams Embrace Crypto

Other football teams have embraced cryptocurrency and blockchain technology.

The London based Arsenal Football Club signed a sponsorship with CashBet, a cryptocurrency in January.

Danny Stroud, the head of partnership for the London Football Exchange, said the exchange is interested in having a token-based football community to allow clubs to interact directly with fans without friction.

The exchange has also arranged to introduce cryptocurrency to the Bari, an Italian club, and Alcobendas, a Madrid based club. The agreements will reduce merchandise and ticket prices and will provide a chance for fans to purchase equity in the clubs.


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