The fascination for sports is a never-ending thing and year after year the industry is getting more and more sponsorships. This industry and the teams, players engaged in the same are only getting stronger and bigger. A primary reason for this is people’s huge attraction and craze towards this industry. Now, there has been a recent development made in this space which is great news for the Cryptocurrency industry. For more information visit crypto engine UK.
Not long ago, the 29th Season of premier league kicked off and with that, it brought this amazing news that renowned trading and investment platform eToro has come in a partnership with 12 premier league teams. It’s the third year since eToro done so in the 2018-19 season with 7 teams, initially. Now, you must be wondering what this partnership is about?
Well, you can assume where we are going with this, yes, you got it right, now the biggest and the most elite English premier league clubs will be paid their sponsorship fees in the form of Bitcoin. It’s a very big move as Bitcoin has not only entered the sports industry but it has done that by replacing the Fiat currency. Who would have thought there would come a time when we could be using Bitcoin as an alternative to Fiat currency?
This move is nothing but a very strong and positive statement to the entire world and to the people who are still skeptical about the use of Bitcoin and cryptocurrency. This will not only push the sports industry into the bitcoin space but also encourage and motivate other major industries to follow the suit. Every year millions and millions of dollars go into the sports industry in the form of marketing and advertisement collateral. Every other brand wants to get [presence and popularity through major sports events and in this case Bitcoin has got all of that free of cost.
This move will require players of the club to set up their Bitcoin wallet so that they can receive the remuneration in the same. This move has sent a wave of positivity in the sports industry and the bitcoin market as well. Many players have come forward and pledged to get into the crypto industry and learn the ins and outs of the same. With this move, these players and clubs are realizing the huge potential this industry holds and no one wants to miss on that. Everyone just wants to be in it for good and make the best out of its growth and potential.
Well, seeing its downside it’s just one move in this direction and let’s see what meaning it holds in the true sense?
eToro has come up with this solution because it wanted to bring in more transparency, efficiency, and reliability in the system. From tickets to merchandising there is so much to take care of and it gets a little overwhelming when it’s all done manually. But with such a system in place, everything will be streamlined and put under the same system which will bring in ease of management.
This is not an isolated event, but recently only two clubs announced that they will be selling their tickets in exchange for Bitcoin. It’s like the sports industry all over the world is merging with crypto and together they will create a new advanced and sophisticated system.
Let’s see what could be the legal obligations of the same?
A primary feature of bitcoin that adds to its credibility is its capacity to save data for life. It’s an unbeatable and invincible system and once data has been put in it, it cannot be manipulated or tampered with. This reduces the risks of fraud, human felonies, and delays to a considerable level. Plus, the data is stored in the ledger which is shared over a network so there is no need to manually outing that down in the system. Everything will be done easily, efficiently, and systematically.
The other benefit of using Bitcoin is it is free from the shackles of geographical boundaries. So, any person from any part of the world can easily buy tickets and merchandise in exchange for Bitcoin. This process which otherwise used to be difficult, complex, and long has been made simpler and easier. There is no hassle of converting the currency and no space for human interference. However, this has created the need for a separate and exclusive legal system that will govern all these transactions and once that is in place everything will be sorted.