Gibraltar Football Club, First Team to Pay Players in Cryptocurrency

Jul 30, 2018 at 23:00

Gibraltar United, a Premium Division football team is set to become the first football team to pay its players in cryptocurrency next season.

According to The Guardian, the team owner, Pablo Dana already started a sponsorship partnership to find a use for cryptocurrencies for athletes.

Likewise, the official is an investor of Quantocoin, a platform designed to provide cryptocurrencies for everyday uses.

Gibraltar’s financial sector is known to be warm in embracing the blockchain technology. Last January, the government introduced regulations for businesses using it and is now in the process of introducing a regulatory framework for initial coin offerings.

The report quoted Dana to be interested in using the blockchain technology and cryptocurrencies to reduce the corruption that has affected the football industry.

Gibraltar has been using cryptocurrency as a means for paying foreign players who struggle to establish bank accounts while sidestepping taxes and fees.

In the past, football teams’ involvement in blockchain technology and cryptocurrencies were mainly for sponsorship alone.

Last January, London based Arsenal Football Club signed a sponsorship with CashBet cryptocurrency.

Some famous players including Roberto Carlos, Luis Figo, Michael Owen and Lionel Messi are also known for their partnerships with crypto firms.

Meanwhile, Ronaldinho announced a project last week called the Ronaldhino Soccer Coin which plans to become a platform for soccer betting, digital stadiums and e-commerce.