Gibraltar United to Become First Team to Pay Players with Cryptocurrency

Premium Division football squad Gibraltar United is slated to become the first football team to pay its players in cryptocurrency beginning next season.

According to a report on The Guardian, the team’s owner Pablo Dana, has invested in Quantocoin, a platform geared to offer cryptocurrencies for daily usage. Dana has already started a sponsorship collaboration with the said project, one of several situations of football teams and athletes that are slowly finding use for cryptocurrencies.

Gibraltar’s financial sector has warmly accepted blockchain technology and is actually leading the state in its adoption. In January, the government launched regulations for businesses that are using blockchain technology. The government also seeks to launch a regulatory framework for ICOs.

Where Gibraltar is hoping to bring legality to crypto trading, Dana said Gibraltar United wants to bring more clarity to football, believing that the innovation would lessen situations involving corruption that has beleaguered the sport.

Cryptocurrency has also offered a means for paying foreign players who are having a hard time establishing bank accounts in Gibraltar, while eluding taxes and fees.

Gibraltar was the first jurisdiction to oversee betting firms two decades years ago, Dana claimed. Gambling has become well-known in football, bringing in millions of pounds worth of advertising. Betting companies were the foremost shirt sponsors for the Nine Premier League teams.

Other football teams have of late embraced cryptocurrency and blockchain technology.

The London based Arsenal Football Club recently inked a sponsorship with CashBet, a cryptocurrency in January.

Danny Stroud, head of partnerships for the London Football Exchange, remarked the exchange is fascinated in having a token-based football community to let teams interact straight with fans without any friction.