Arsenal Signs World-First Crypto Currency Deal

Arsenal has become the first major football club to sign a deal to promote a crypto-currency. The club has reached an agreement with the gaming company CashBet, which is planning to launch its own currency CashBet Coin.

CashBet is a Californian online gaming business formed in 2012, which is now launching an Initial Coin Offering (ICO). It aims to raise $40m by getting investors to buy CashBet Coins which can be used to bet on its various online games.

Arsenal Announce CashBet Sponsorship Deal

The deal will see CashBet Coin advertised at Arsenal's Premier League home games. No fifincial details have surfaces so far.

Arsenal's chief commercial officer Vinai Venkatesham said: "We are looking forward to working with CashBet Coin as they launch their new crypto-currency."

Dr. Mike Reaves, CEO 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."

BBC asked Arsenal whether it was wise to endorse a highly volatile business and whether it was encouraging fans to bet with CashBet Coins.

"Not at all. The partnership aims to promote CashBet Coin ahead of their Initial Coin Offer on 24 January," a spokesman for the club said. It does not exist to encourage fans to bet with CashBet Coin."

ICOs have become an extremely popular way for businesses to raise money following the surge in value of Bitcoin, the original crypto-currency. The Financial Conduct Authority has warned that ICOs are "high-risk, speculative investments".

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