The global investment platform eToro had collaborated with seven leading Premier League clubs in a milestone achievement not only for the crypto world but also in case of the football industry. The UK Managing Director at eToro, Iqbal Gandham was of the opinion that cryptocurrencies and blockchain could have a considerable scope not only in football but to other sports as well. He had also said that he was expecting players to be purchased with bitcoins and other crypto assets.
Though blockchain and cryptocurrencies boast of an impressive quantity of advantages, the adoption is often time-consuming and slowly progressing. A lot of misunderstanding still exists about the nature of these technologies among a wide audience which is one of the issues to address.
However, with eToro’s foray into the football world, the process is moving forward, in slow, gradual steps. Gibraltar United team became first one in Europe to receive its wages in a cryptocurrency, Quantocoin. There have also been reports of payments being made in Bitcoin as an obligatory part of transfer fees. Even if football still has a rather conservative business model, some clubs like Real Madrid and Atlético Madrid have started allowing fans to pay for tickets via a mobile blockchain-powered app. Some former players like Ronaldinho and Wesley Sneijder have even launched their own cryptocurrencies.
While it is true that the Premier League clubs are just beginning their tryst with emerging technology, eToro has elaborate plans on how to help the industry fully utilize all the advantages that blockchain can provide. Moreover, eToro has already discussed some related opportunities with the Football Association and individual clubs.
Gandham said:
“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.”
The transparent and decentralised nature of blockchain is convenient 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.
