Arsenal fans were this week treated to a new signing albeit of a different kind. The North London club announced it was partnering with Cashbet, the iGaming market leader as it seeks to give a total experience for its fans.
Cashbet is behind the Cashbet coin launched January 24 set to bring together sports, entertainment, finance, media into one true ecosystem. The company now becomes the official blockchain company for the popular football club.
The cryptocurrency will allow fans take advantage of various experiences offered by the club such as tours, meet-ups with players, tickets and merchandise in what it touts will be the “ultimate sport community.”
Cryptocurrencies have now become a fascination for a good part of the world after bitcoin’s record rally in the past year. Several use-case scenarios are however slowly emerging in what has become a largely speculative market.
The Cashbet Coin will go on public sale in February. The hard cap for the ICO has been put at $40 million according to the BBC after which the coin will start being used by the club’s fans.
Cashbet sells software to gaming companies keen on cryptocurrency bets. The company headquartered in Oakland, California and registered in Alderney Gambling Control Commission and the UK Gambling Commission. It intends to dominate the crypto-casino and enterprise software market.
The platform which was formed in 2012 has already posted impressive results with a spike in revenue of about 515%. The company now has more than 450 games in its collection with players going up by 770 per cent. The aim is “to build a next generation mobile-first monetisation platform for social and mobile gaming,” it says on its website.
Cryptocurrencies are based on the blockchain technology and allows for immutable and irreversible transactions.
The decentralised ledger stored in millions of computers across the world makes falsification of data impossible. The technology affords users more privacy as transactions can be completely anonymised.
Blockckhain technology also holds a lot of potential to solve cyber security concerns with more and more transactions happening online.
The decentralised ledger system prevents any tampering, a feature that can be effectively used for cyber defence.
The collaboration is a first as cryptocurrencies penetrate more and more sectors of the sector. Arsenal and Cashbet are clearly intent on cashing in on the latest craze as it also tries to bring the best that the technology offers to its customers.
The ripple network, a cryptocurrency that enjoyed massive growth in 2017 for example promises to cut payment costs by as much as 60%. Several financial institutions have already tested it. Similarly Cashbet coin is also set to make payments faster and with little cost to buyers.