Wednesday, 24 January 2018

Arsenal signs crypto-currency deal with gaming firm CashBet

Arsenal has become the first major football club to sign a deal to promote a crypto-currency.

The club has reached an agreement with the gaming company CashBet, which is planning to launch its own currency CashBet Coin.

It will see CashBet Coin advertised at Arsenal's Premier League home games.

But one crypto-currency expert has questioned whether the club is wise to promote what can be a very risky investment.

CashBet is a Californian online gaming business formed in 2012, which is now launching an Initial Coin Offering (ICO). It aims to raise $40m by getting investors to buy CashBet Coins which can then be used to bet on its various online games.
Arsenal's chief commercial officer Vinai Venkatesham said: "We are looking forward to working with CashBet Coin as they launch their new crypto-currency."

I've asked Arsenal whether it was wise to endorse a highly volatile business and whether it was encouraging fans to bet with CashBet Coins.

BBC         News.