Arsenal FС Signs World-First Cryptocurrency Partnership to Promote CashBet’s ICO
Originally published on: CoinSpeaker
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January 25, 2018
The deal which makes mobile iGaming platform provider, CashBet, the club’s exclusive blockchain-based partner is the first time a major global sporting team has officially collaborated with a cryptocurrency firm.
Despite what it naysayers keep peddling about it, the fast-growing acceptance of cryptocurrency industry is now expanding towards professional sports arena, attracting world-shaking sponsorship deals. The sixth-wealthiest football club in the world defined by consulting firm Deloitte, Arsenal FC was the first on track to join blockhain ecosystem and trial to conduct business in terms of cryptocurrency.
The Premier League football club has signed a sponsorship deal with the California-based gaming platform CashBet, which will see Arsenal FC promote the firm’s initial coin offering (ICO) of its cryptocurrency designed for iGaming, CashBet Coin.
According to the deal, the CashBet Coin brand will receive the prominent placement via in-stadium advertising channels for Arsenal home Premier League games at the 60,000-seat Emirates stadium.
By now CashBet has already used Arsenal’s crest and player’s images on its official website while the club describes CashBet as its “first official cryptocurrency partner”.
Arsenal’s Chief Commercial Officer, Vinai Venkatesham, commented on the partnership:
The developers of newly issued CashBet Coin have designed it to fit nice and well on the iGaming shelf. Given inherited features, along with the gambling on so-called “iGaming” phone apps to play Bingo and slot machine-styled games, the cryptocurrency can be used for making payments on any casino application or website powered by CashBet. Worth noticing that the industry of online gambling remains lucrative for investors after reported $43 billion market revenue last year.
Dr. Mike Reaves, CEO and founder of CashBet, said:
“The introduction of CashBet Coin will enable operators to solve the biggest problems facing crypto casinos today: speed, trust, and cost. Integrating blockchain technology into the CashBet core iGaming stack will open new markets by democratizing access to world-class entertainment for a new group of players currently underserved by the centralized banking establishment. Additionally, the associated technology initiative will be far more scalable and cost-efficient on a per transaction basis than current blockchain-based casino software.”
Dr. Mike Reaves also stressed that CashBet team will work on further development of Cashbet Coin by adding additional patents for this technology in order to offer its customers the most feature-rich cryptocurrency-ready iGaming platform.
CashBet Coin will see the presale for its ICO on January 24, 2018 at 5:00PM GMT and end on February 20 at 5:00PM GMT. It goes on public sale on March 20 at 5:00PM GMT and continuing until April 27 at 5:00PM GMT.
A total amount of 430 million CBC tokens will be issued within two weeks after the ICO completes and distributed among investors with starting value at 50 cents per unit. CashBet is going to collect nearly $40 million from the venture. Purchases of Cashbet Coin (CBC ) are available with Bitcoin, Ethereum, and Litecoin.