One of the Premium Division football teams in Gibraltar named Gibraltar United will soon become the first football team ever that will pay its players in cryptocurrency.
As The Guardian reported, the owner of the club Pablo Dana has invested in Quantocoin, which is a platform designed to provide cryptocurrencies for everyday uses. The sponsorship partnership will allow Dana and the club to find a use for cryptocurrencies.
Meanwhile, this is not the only case of adoption of new technologies in Gibraltar. The financial sector in the country has already embraced blockchain technology and is leading the state in its adoption. In January this year, the government introduced the regulation for businesses using blockchain technology. There are even plans for introducing a regulatory framework for ICOs very soon.
However, Gibraltar United is just one example of how crypto could add legitimacy and transparency in one of the most popular sports nowadays. The technology is seen as beneficial by Gibraltar United in a way that will reduce the corruption that is befalling in the sport. On top of that, crypto will be the perfect way to pay players who struggle to establish bank accounts in Gibraltar while going over the taxes and fees.
Still, this is not the first link between football and crypto. Earlier this year, the London-based Arsenal Football Club signed a sponsorship with the CashBet cryptocurrency. The exchange even managed to introduce cryptocurrencies to Bari (an Italian football club) and Alcobendas (a club based in Madrid).
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