Category Archives: Harunustaspor

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Next Step in English Premier League: Player Transfers For Bitcoin

The massive transfer fees associated with signings in the English Premier League, the top flight of world soccer, could be paid using Bitcoin in the not too distant future, say commentators on the game.

Clubs worldwide endorsing blockchain related technology is becoming a far more common sight, with at least three teams in the Premier League endorsing blockchain products this season. Also, individual players such as Messi, Ronaldhino and Michael Owen have put their names behind crypto related enterprises in recent months with endorsements now becoming a regular feature of the game as cryptocurrency grows in popularity.

The first actual player signing using cryptocurrency was in January of this year when Turkish amateur club Harunustaspor signed its first Bitcoin player, paying a modest 0.0524 BTC for the transfer. However, pundits think that crypto transfers are on their way to the multibillion-pound Premier League in the near future, some reports indicating that it could be in as little as a few months.

Major global investment platform eToro which uses blockchain and enables users to invest in crypto sees Bitcoin transfers in England’s top flight as inevitable. The company has already launched a number of Premier League partnerships this season including, Brighton, Cardiff, Crystal Palace, Leicester, Newcastle, Southampton, and Tottenham. Each club has been paid an unrevealed amount in Bitcoin for helping to promote the eToro platform.

Iqbal V. Gandham, UK managing director at eToro, says that he is really optimistic at the level of interest that top clubs have taken in blockchain technology commenting, “I do feel that within about six to twelve months we will see a player transfer in the Premier League completed using bitcoin.”

Gandham cites numerous advantages of blockchain based management and payment schemes particularly in the area of transfers, which are usually significant sums in the Premier League, suggesting that deadlines can be far more easily met with instantaneous payments, cutting out last minute delays, and transfers can be made far more transparent due to the nature of blockchain which can reveal every aspect of each transaction. International transfers would also be simplified by the use of one common currency, Gandham maintains.

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Gibraltar Pro Football Team Paid in Crypto as “The Rock” Pushes Fintech Forward

Gibraltar is living up to its growing reputation as a European driving force in cryptocurrency adoption as a premier league football team shows a willingness to be paid in digital currency.

Gibraltar United’s owner Pablo Dana, who is an investor in the digital currency Quantacoin, hopes that the move will encourage foreign players who will easily be able to set up banking in Gibraltar, and suggests that it could also go some way to stamping out corruption in the game.

Dana is impressed with Gibraltar’s forward-thinking approach to cryptocurrency within its push to promote fintech on the island. He commented:

“It was the first [place that] regulated betting companies 20 years back when everyone was seeing them as horrible…They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies.”

Introducing crypto payments for footballers would essentially be via the blockchain and free from taxes and charges, ending illegal payments to clubs or middlemen. In January, an amateur Turkish side, Harunustaspor, became the world’s first football team to complete a transfer using just cryptocurrency.

There are numerous advantages to integrating cryptocurrencies into sporting salary schemes, apart from reducing the frequency of cash-under-the-table deals as Italian-born Dana alludes to. Consequently, the London Football Exchange (LFE) is looking into token-based schemes. Head of partnerships for the LFE wants to create just such a community in order to “enable clubs to have a direct connection with fans in a frictionless marketplace”.

As a result, the LSE has announced agreements with two teams, Italian team Bari and Madrid based Alcobendas, whereby fans can buy into the clubs using cryptocurrency to gain some equity, as well as a say in the clubs’ future.

Gibraltar aims to lure new and existing fintech companies to its shores, following in the footsteps of other European countries such as Malta and Switzerland, both of which have seen the arrival of major cryptocurrency players Binance and Bitmain in recent months. A subsidiary of the Gibraltar Stock Exchange (GSX) is aiming to become one of the first licensed and regulated crypto exchanges operated by an EU stock exchange.

 

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