As CoinSpeaker has reported earlier, in August the global investment platform eToro entered in a partnership with seven leading Premier League clubs. It was a milestone not only for the crypto world itself but also for the football industry as both these spheres finally met.
According to Iqbal Gandham, UK Managing Director at eToro, thanks to their nature, cryptocurrencies and blockchain in a wide meaning could bring numerous improvements not only to football but to other sports as well.
As eToro has become a sponsor for the clubs, it offers its support in cryptocurrencies which is said to help the clubs get used to working with digital assets and in the future apply this technology to many processes including ticketing and selling of different fan staff. “I expect to see the purchasing of players using Bitcoin and crypto asserts,” said Gandham.
Cryptocurrencies are Conquering Football world
Though blockchain and cryptocurrencies can bring an impressive quantity of advantages, the adoption may take quite a long time. There is still a lot of misunderstanding of the nature of these technologies among a wide audience which is one of the issues to address.
Nevertheless, step by step this process is moving forward. Gibraltar United team is the first one in Europe to get its wages in crypto, in Quantocoin to be more precise. There was even a case when payments in Bitcoin were an obligatory part of transfer fees.
Though football still follows a rather conservative business model, some clubs like Real Madrid and Atlético Madrid have an experience of allowing fans to pay for tickets via a mobile blockchain-powered app. Some former players as Ronaldinho and Wesley Sneijder have even launched their own cryptocurrencies.
Though the Premier League clubs are just starting to implement the emerging technology, eToro has plans how to help the industry fully realize the advantages that blockchain can bring. Moreover, eToro has already discussed some related opportunities with the Football Association and individual clubs.
Gandham explained their plans the following way:
“In terms of what eToro would like to do, we want to work with blockchain companies and help them interact with football teams. Building the fintech and football ecosystem, so if there is a good blockchain platform out there which can tackle ticket touts, we can then take it to Tottenham Hotspur.”
Prevention of Wrongdoing
The use of crypto is not only a matter of convenience. The transparent nature of blockchain payments is to stop illegal sales of tickets and prevent corruption as thanks to the capacities of the technology all money transfers from clubs to players will be saved in the network.
According to Gandham, blockchain may facilitate for clubs the processes of getting financial support from their fans which is extremely important for clubs that are doing their best to make both ends meet. Moreover, such an approach to sponsorship will allow clubs to offer some bonuses to fans as soon as their money is received.
What’s more, using crypto for making payments to players can help banks to avoid a lot of difficulties with banks.
But football is far not the only sphere of interests for eToro. Speaking with CoinSpeaker about their plans, Gandham said:
“We are currently exploring several areas which align with our customers’ interests. These range from music to retail and even additional sports.”
Given eToro ambitions to revolutionize the world with the help of crypto assets and blockchain, it is highly possible that soon we will hear about new projects and collaborations of eToro aimed at enhancing some new spheres.