Arsenal has become the first team in the Premier League to secure a Blockchain partner – the buzz-worthy technology that underpins cryptocurrency.
CashBet Inc. says it plans to raise $40 million to $70 million in a sale of CashBet Coins set to begin Wednesday. Its webpage promoting the digital token features the English Premier League team’s crest and photos of players including striker Alexandre Lacazette, while the club describes CashBet as its “first official cryptocurrency partner.”
Dr Mike Reaves, chief executive and founder of CashBet, said: "With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players.
Each coin is initially priced at 50 U.S. cents and 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, with debt restructuring taking about 15 percent of the money. Initial coin offerings raised $3.8 billion globally in 2017, according to Coinist, which compiles cryptocurrency market data.
What benefits the club will derive from the implementation of Blockchain remains to be seen. The partnership comes as the firm seeks $40m in funding, the day after the coin was made available to the public for the first time on Wednesday.
Stay tunned for more updates!
Thank you.