The Benefits of Cryptocurrency in Gibraltar Footballalmost 5 years ago by Angelique Pearson
The Benefits of Cryptocurrency in Gibraltar Football
Gibraltar has made history again with Cryptocurrency, but this time with the help of it’s football team.
Premier Division Gibraltar United are the world’s first football team to be paid in cryptocurrency.
The club’s owner, Pablo Dana, who is also an investor in the cryptocurrency Quantocoin, has commented that all player’s contracts will include agreements on cryptocurrency payments by the start of the next season.
With Gibraltar and it’s finance sector currently world leaders in the Fintech sector and managing the blockchain database, it makes sense why such a decision has been employed. Not forgetting the first regulatory legal framework launching cryptocurrrency was introduced by Gibraltar itself.
Gibraltar, always one step ahead as the global trendsetter and now in the spotlight to show how football, a shared global passion, can also take advantage of cryptocurrency in becoming a realistic income.
How Transparency of Cryptocurrency Can Diminish Corruptness in Football
Pablo Dana has praised blockchain and how it can diminish corruption in the form of under-the-table payments in football. Cryptocurrency has been the answer to paying foreign players in his club, so they don’t even have to open a bank account in Gibraltar. Cryptocurrency transfers are not only tax free and fee free, they are instant.
All transactions are completely transparent, so you can see an audit trail of all payments. The system logs each time a payment is made. This has a positive effect on the entire team, because there is no malpractice and players perform better because of a fair culture in the game.
Dana also applauds Gibraltar for being the first in history to regulate betting companies twenty years ago. Now the betting and gambling industry is one of the key features of football with betting companies featuring as shirt sponsors on nine premier league teams last season. Betting companies earn football clubs millions of pounds through advertising.
Gibraltar’s successes have been based on legal regulations, which has seen it flourish in creating new sectors every few years.
Back on the football pitch, Arsenal is the first football club to sign a sponsorship deal with Californian crypto coin, Cashbet. The coin will be advertised at the club’s premier league home games. Cashbet aims to raise $40 million through investors.
A Token-Based Football Community Is Being Born
If cryptocurrency’s popularity grows in football, it could enable fans to purchase lower prices for both tickets and merchandise. Fans will be able to engage in new modern ways never thought possible before. Imagine being able to buy equity in a club through crypto coins; it makes football even more exciting in parallel to online gaming. There is a vision of new crypto-football apps arising from this breakthrough. After all, it’s the billions of worldwide fans that make football such a stable success.
It is the small clubs like Gibraltar United that are paving the way as pioneers in crypto-sport, which is sure to have a ripple effect. The rest of the world is clearly spectating before they jump on the band wagon. We could expect to see a sudden short, sharp surge similar to how bitcoins value increased last year.
SRGEurope is a leading recruitment company with experienced consultants who place talented individuals into Cryptocurrency careers. These roles play a significant part in Gibraltar’s cryptocurrency industry, behind the scenes of many blockchain based companies.