As CoinSpeaker previously reported, in August, the eToro global investment platform partnered with seven leading Premier League clubs. It was a milestone not only for the world of cryptography, but also for the football industry, as these two spheres finally met.
According to Iqbal Gandham, General Manager of the United Kingdom at eToro, thanks to its nature, cryptocurrencies and blockchain in a broad sense could bring many improvements not only to football, but also to other sports.
As eToro has become a club sponsor, it offers its support in cryptocurrencies, which is said to help clubs get used to working with digital assets and, in the future, will apply this technology to many processes, including the sale of tickets and the sale of different fans. “I hope to see the purchase of players who use Bitcoin and crypto,” said Gandham.
Cryptocurrencies are conquering the world of football
Although blockchain and cryptocurrencies can bring an impressive number of advantages, adoption can take a long time. There are still many misunderstandings about the nature of these technologies among a wide audience, which is one of the topics to be addressed.
However, step by step this process is progressing. The Gibraltar United team is the first in Europe to get their salary in cryptography, in Quantocoin to be more precise. There was even a case where Bitcoin payments were a mandatory part of the transfer fees.
Although soccer follows a fairly conservative business model, some clubs such as Real Madrid and Atlético de Madrid have the experience of allowing fans to pay for tickets through a blockchain mobile application. Some former players like Ronaldinho and Wesley Sneijder have even launched their own cryptocurrencies.
Although Premier League clubs are beginning to implement the emerging technology, eToro has plans on how to help the industry realize the benefits that blockchain can offer. In addition, eToro has already discussed some opportunities related to the Football Association and individual clubs.
Gandham explained his plans as follows
“As for 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 that can be addressed by the ticket resellers, then we can take it to Tottenham Hotspur”.
Prevention of infractions
The use of cryptography is not just a matter of convenience. The transparent nature of blockchain payments is to stop illegal ticket sales and prevent corruption, because thanks to the technology’s capabilities, all transfers of money from clubs to players will be saved on the network.
According to Gandham, blockchain can provide clubs with the processes to obtain financial support from their fans, which is extremely important for clubs that do everything possible to achieve both ends. In addition, such a sponsorship approach will allow clubs to offer some bonuses to fans as soon as they receive their money.
In addition, using crypto to make payments to players can help banks avoid many difficulties with banks.
But football is not the only area of interest for eToro. Speaking with CoinSpeaker about his plans, Gandham said:
“We are currently exploring several areas that align with the interests of our customers, ranging from music to retail and even additional sports”.
Given eToro’s ambitions to revolutionize the world with the help of crypto asset and blockchain, it is very possible that we will soon learn about new eToro projects and collaborations to improve some new areas.