Arsenal FC becomes the first football club promoting cryptocurrency

Arsenal Football Club will be the first sports club to promote cryptocurrency. It partnered with CashBet who is online gambling platform that enables real-money online gambling in social and mobile games. The company operates in the United States. It says it plans to raise $40 million to $70 million in a sale of CashBet Coins set to begin Wednesday.

Arsenal FC’s webpage is promoting the digital token features the English Premier League team’s crest and photos of players including striker Alexandre Lacazette. The club describes CashBet as its “first official cryptocurrency partner.”

Each coin’s is initial price is 50 U.S. cents. It is meant to be used on CashBet’s gaming sites and mobile apps. The company plans to use the majority of proceeds in marketing, expansion to new regions and product development. Bebt restructuring will take about 15 percent of the money. Initial coin offerings raised $3.8 billion globally in 2017, according to Coinist, which compiles cryptocurrency market data.