Arsenal has signed a sponsorship deal with the US cryptocurrency CashBet, which will see the Premier League club promote the firm’s initial coin offering (ICO) at the 60,000-seat Emirates stadium.
The deal, the value of which was undisclosed, is the first time a major global sporting team has officially partnered with a cryptocurrency firm. It comes as an increasing number of regulators and business leaders express concern about the dangers of consumers risking their savings in unregulated virtual currencies.
In an ICO the issuing company accepts a cryptocurrency, such as bitcoin or Ether, in exchange for “tokens” in the venture, which can represent a share in a firm or even a prepayment voucher.
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