Cryptocurrency has made an entrance in many industries, from business to banking, to charities, to entertainment, to… you name it. Now the time has come for cryptocurrency to enter the world of football, and Gibraltar United leads the way.
Premier Division Gibraltar United goes crypto
The football team from Gibraltar is the world’s first football team to work with cryptocurrency. Pablo Dana, who is the owner of the team, is also an avid investor in cryptocurrencies. He has now launched a partnership with a token called Quantocoin, and the team members will soon be paid in cryptocurrency tokens. For some, this may seem an odd place for cryptocurrencies to become part of football. After all, Gibraltar United is not exactly one of the most prominent teams in the world. They only became UEFA certified five years ago, and are largely considered a semi-professional team.
Gibraltar is the perfect place for cryptocurrency
Perhaps it is not so much the team itself, but rather the convenient location of it that led to this curious marriage of sports and digital currencies. The finance sector in Gibraltar is particularly well suited for these kinds of enterprises. In fact, Gibraltar is very much leading the way for fintech and blockchain companies. In January this year, Gibraltar introduced official regulations for cryptocurrency businesses, and now they are about to set a legal framework for ICOs. The small size of the Rock makes it able to move faster on subjects such as cryptocurrency, and that has led them to be a few steps ahead of the rest of the world.
There is plenty to capitalize on
The world of cryptocurrency is on the come-up, and there is, therefore, plenty for business in Gibraltar to capitalize on. ICOs alone reached a total of $3.7 billion in investments across the globe last year. The same year saw Bitcoin, the most popular cryptocurrency token, rise as much as 900% in value. Of course, 2018 also saw a drastic drop in value for Bitcoin and other cryptocurrency tokens. Likewise, several cryptocurrency exchanges experience hacking incidents. Internet giants like Facebook, Twitter, Google, and Reddit banned all forms of ICO and cryptocurrency advertising. As a result, the market took a series of substantial hits.
Regulation is the way out of the bear market
What Gibraltar has managed to do, as opposed to most other governments, is to legitimize cryptocurrencies. Those regulations have in turn led to a new transparency that many investors have longed for. It is also for this reason that Pablo Dana has decided to incorporate cryptocurrency into the salaries of his football team. There has been a series of corruption scandals in the football industry, and Dana hopes cryptocurrency will contribute to solving that problem. Furthermore, it will also help his football club to pay foreign players who have issues with opening a bank account in Gibraltar. Dana draws an analogy between cryptocurrency and the betting industry, According to Dana, the betting industry was rife with corruption, scams, and criminal elements until it was regulated. The regulations on the betting industry helped clear out the criminal elements and benefited the industry as a whole. The same will happen to cryptocurrency.