In a slightly surprising announcement Arsenal Football Club have announced that they have signed a deal to promote the crypto-currency which is going to be release by the company CashBet – the new crypto-currency will be called CashBet Coin.
CashBet is headquartered in Oakland, California and is an online gaming company and they have announced an Initial Coin Offering (ICO). They are aiming to try and raise $40 million dollars by getting investors to invest in these Cashbet Coins, the aim of this is to try and get people to use these coins to bet on their online gaming platform, which is an interesting idea and something the gambling world hasn't quite managed to get right.
On the Cashbet Coin website at https://coin.cashbet.com/ they state the following – “CashBet Coin will open up access to world-class iGaming entertainment globally, while improving the online experience for casino, skill-based, eSports, lottery and sports betting players. By leveraging blockchain technology, we instill player trust in our provably fair operation, increase gameplay speed and scalability, and reduce transaction fees. CashBet Coin will be offered for sale in an initial coin offering in Q1 2018, and will provide benefits to players, partners and investors.”
Its interesting to see the first big player in the sports world getting associated with the technology and its no great surprise that there has been a bit of criticism towards Arsenal for the fact they are being associated with what is perceived as a volatile investment
Whether this also means that other big sports brands, in particular some of the European football teams may be tempted to back other crypto-currencies will also be worth checking out and it will also be interesting to see how the backing of the club affects the new currency.
You can visit https://coin.cashbet.com/ for their take on why they are doing this and if you have a spare $25000 you can get some of the new currency.