Newcastle United have revealed a new commercial partner on Tuesday morning.
The new partner is called eToro, which is a Global investment platform that enables people to invest in cryptoassets, alongside more traditional financial instruments such as stocks and commodities.’
A number of other Premier League club have also been signed up by the company, including Tottenham and Leicester.
Part of the blurb that comes with the press release, states that ‘Blockchain brings transparency, which means it can improve the experience for everyone who loves the ‘beautiful game’.’
An interesting one, as Mike Ashley and transparency haven’t actually made much of a connection when it comes to his running of Newcastle United.
Newcastle United will receive payment in ‘bitcoin’ for the deal.
I wonder if Mike Ashley will be offering HMRC payment in bitcoin when/if any fines come the club’s way from the ongoing investigation?
Newcastle United official statement:
Newcastle United have become one of the first Premier League clubs to launch an innovative commercial partnership with global investment platform, eToro.
The landmark deal will be paid in bitcoin – the first and largest cryptocurrency – and will see eToro become an official club partner.
As part of the new partnership, the company will gain global exposure through an extensive range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.
As well as joining the Magpies’ family of commercial partners, eToro’s branding will also become a familiar sight across the Premier League after simultaneous deals with Tottenham Hotspur, Crystal Palace, Southampton, Brighton & Hove Albion, Cardiff City and Leicester City were announced.
Newcastle United’s head of partnerships, Dale Aitchison, said: “We are delighted to welcome eToro to our family of high-profile commercial partners.
“This is a leading player in an emerging industry and we are looking forward to exploring opportunities in cryptocurrency and technology together.”
eToro is a global investment platform that enables people to invest in cryptoassets, alongside more traditional financial instruments such as stocks and commodities and it currently has a community of more than ten million registered users.
The company believes that in the future, all assets will be tokenised – and ‘crypto’ is the first step in this journey.
Iqbal V. Gandham, UK managing director at eToro, said: “As a leading multi-asset company, we are excited to be partnering with so many Premier League clubs and to make history by being the first company ever to pay for a Premier League partnership in bitcoin.”
Cryptocurrencies are underpinned by blockchain, which is a technology that allows transactions to be made without the need for a middle man.
Blockchain to cryptocurrencies is the equivalent of the internet to emails.
Blockchain has the potential to improve the process of making purchases by clubs and supporters.
Iqbal V. Gandham added: “Today’s announcement is very much the first small step on a long road to football fully embracing blockchain technology.
“Education will be key so that industries can understand the potential, however, the openness of these Premier League clubs to taking this first step, is very exciting for everyone.
“Blockchain brings transparency, which means it can improve the experience for everyone who loves the ‘beautiful game’.”