ARSENAL became the first major football club to agree to promote a cryptocurrency business this week when it signed a sponsorship deal with CashBet. But what is CashBet Coin?
The Gunners announced an agreement on Wednesday with US gambling company CashBet to promote the firm’s own digital token, CashBet Coin, at Arsenal’s home games.
The deal will see CashBet Coin advertised at the Gunners’ home games in the Emirates Stadium and was announced hours before the gaming company launched an Initial Coin Offering for their new cryptocurrency, CashBet Coin.
Vinai Venkatesham, Arsenal’s Chief Commercial Officer, said: “We are pleased to welcome Cashbet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”
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”.
CashBet Coin (CBC), designed by Oakland, California-based gambling platform CashBet, will see the presale for its ICO, or initial coin offering, at 11 a.m. Eastern time on Wednesday. It goes on public sale on March 20. A total of 430 million CBC tokens — starting value at 50 cents — will be issued, but only accredited investors can purchase the tokens. CashBet hopes to raise nearly $40 million from the venture. Purchases of CBC can be made with Bitcoin, Ethereum, and Litecoin. Here’s the full Cashbet Coin whitepaper.
The business was founded in 2012 with a vision of “using their extensive gaming software experience to build a next generation mobile-first monetisation platform for social and mobile gaming.”
CashBet, which now hosts 450 different mobile games, has boasted a 515 percent revenue boost and a 770 percent player increase since 2015.
Cryptocurrencies have forced their way into the public eye in the past 12 months and the CashBet-Arsenal deal suggest this trend is set to continue.
But the partnership has drawn criticism from some financial commentators who warn that it could encourage fans to enter a “high risk” market.