Gibraltar United will become the first European soccer club to pay its players in cryptocurrencies. Thanks to a partnership with Quantocoin, the longest-running team in Gibraltar will become a pioneer in this type of operation.
Gibraltar is a country with an extremely open stance towards cryptos and blockchain technology
Thus, it is no surprise that a team from the country’s top professional soccer division is taking such a step. The club owner, Pablo Dana, has already said that all player contracts will include cryptocurrency payment arrangements for the coming season, as The Guardian reported.
Dana is an investor in Quantocoin, a project that seeks to launch a blockchain-based mobile banking application this year. Also, Heritage Sports Holdings, the team’s shareholder group, signed a partnership agreement with the company. According to this deal, players, fans and company employees can use Quantocoin’s services. That includes the possibility for the group to use cryptocurrencies to buy players.
Gibraltar was the first place that regulated gambling companies 20 years ago when everyone saw them as horrible. The government established anti-money laundering and compliance regulations and created a platform. They have the intelligence to do the same with cryptocurrency.
Pablo Dana, Gibraltar United’s owner
Cryptocurrencies and soccer have been increasingly intertwined in recent months
In mid-July, Didier Drogba, the striker of the Ivory Coast national team and clubs such as Chelsea, in England, the UK, became the commercial face of All.me, a social networking project with its own crypto token that seeks to share advertising revenue with users.
At the end of June, the Brazilian soccer clubs Atletico Paranaense and Corinthians unveiled the plans they have for using cryptocurrencies for 2019, in an initiative that involves the payment of salaries with cryptos, as well as allowing the fans to get involved.
Other soccer players such as Lionel Messi, James Rodriguez, Ronaldinho, Iniesta, or Puyol have also been associated with projects associated with blockchain technology or cryptocurrencies, demonstrating how this is a trend that is gaining momentum.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.