Newcastle United and Cardiff City are looking to launch their own cryptocurrencies in an attempt to remain in the Premier League, according to The Times.
The paper reports that they are in talks with SportyCo, a micro-financing and crowdfunding company, about holding an Initial Coin Offering (ICO) which would enable fans or investors to buy the new currency in the form of tokens, with the funds potentially available for use in the January transfer window.
Newcastle United and Cardiff are also part of a recently announced landmark advertising deal with UK-based trading platform eToro.
This will be paid in Bitcoin and will see eToro become an official club partner of Tottenham Hotspur, Newcastle United, Crystal Palace, Southampton, Brighton & Hove Albion, Cardiff City and Leicester City, bringing it a range of marketing opportunities including matchday LED boards, player access, tickets and digital rights.
Newcastle United’s Head of Partnerships, Dale Aitchison, says: “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.”
Iqbal V. Gandham, UK Managing Director of eToro, comments: “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.”
He adds: “This 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’.”