iGaming firm CashBet has announced an exclusive partnership with Arsenal Football Club just ahead of its initial coin offering (ICO) launch.
The British Premier League team’s sponsorship deal with the iGaming platform provider is claimed to be the first collaboration between a major sports team and a cryptocurrency provider.
The agreement will see the company’s new token, CashBet Coin, being advertised at Arsenal’s Premier League home games at the Emirates Stadium in London, while CashBet can use the Arsenal brand across its ICO promotions.
CashBet CEO and founder Dr. Mike Reaves said in a press release:
“With our ICO for CashBet Coin, we are actively targeting a global, multi-billion dollar marketplace of iGaming content providers, operators and players.We are delighted to do so in partnership with one of world football’s true giants in Arsenal, enabling us to build our brand and engage this audience in a meaningful way.”
CashBet Coin is intended for use across the company’s gaming platform. The ICO kicked off yesterday at 17:00 UTC, and will end on Feb. 20 at 17:00 UTC unless the hard cap is reached before that date. The company hopes the ICO will raise between $40 million–$70 million.
Reaves explained in a different release that the introduction of the token will enable operators to solve major problems facing cryptocurrency-based casinos: “speed, trust, and cost.”
Integrating blockchain into the CashBet platform will open new markets by “democratizing access” for a new group of users currently underserved by the banks, he continued. Further, the addition of the token is expected to make the platform more scalable and cost-efficient.
Arsenal Stadium image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at email@example.com.
We will be updating our subscribers as soon as we receive more news. For the latest updates sign up above!