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Why Sport Stars and Athletes Flocking Towards Blockchain Projects?

Owing to the fact that cryptocurrencies have been flourishing as well as providing multiple advantages over the centralized currencies, many sports personalities and athletes have declared these blockchain based currencies acceptable. The latest development being Gibraltar United, a premium division football team, opting to pay its players in cryptocurrency. This is not the only approbation cryptocurrency has been offered in the world of sports.

Pablo Victor Dana is the owner of the Gibraltar football team. He has been an avid supporter of the blockchain technology as he has invested in Quantocoin and also has a sponsor partnership. Gibraltar has incorporated the use of blockchain into their financial structure unlike many countries who have not legalized cryptocurrencies. The government has shown its staunch support by providing guidelines to the use of blockchain technology and plans to introduce a regulatory framework for ICOs. The team owner expressed his approval by saying,

 “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.”

However, this is not the first time Gibraltar has been the first to accommodate changes in view of changing trends. Gibraltar was also the first nation to legalize the betting firms and now is considered to have the most stable, experienced and important e-gambling jurisdictions in the world. Online gaming represents over 20 percent of its GDP and the industry tremendously profits the economy of Gibraltar.

Due to this change in policies regarding betting firms, the nation highly benefited as it brought millions of pounds home. The betting companies funded and sponsored teams and they were featured on team shirt for the nine premium league teams.

Nevertheless, this does not sum up the sportsmen that have shown interest in cryptocurrency.

Arsenal, that is a major British soccer club having a huge fan base, has also succumbed to the wildfire that is cryptocurrency by signing a sponsorship deal with the US cryptocurrency CashBet. However when asked about if the team plans to encourage fans to bet with CashBet coins, a spokesman for the team denied that they had any intention of encouraging fans to do so. Vinai Venkatesham, Arsenal’s chief commercial officer, said,

“We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.”

Amongst all the football players that have flocked towards blockchain technologies, the most popular one to do so is Brazilian football star Ronaldo de Assis Moreira. The project is called Ronaldinho Soccer Coin, which was also called World soccer coin previously. Ronaldinho who has 18.1 million followers, tweeted about his project of introducing a new cryptocurrency.

The purpose of introducing his own cryptocurrency is to,

  • Open a football academy
  • Host matches of all sorts around the world
  • Develop and control a betting firm
  • Develop digital VR stadiums that will examine players
  • Introduce a database constructed with blockchain to create newer teams

The projects he has endorsed will come near to conclusion in production within this year. They have also come to an agreement with five existing stadiums in South East Asia. The flourishing technology VR, is still being developed and is all set to play a major role in the revolution of eSports. The Academy that was proposed will also open in March 2019. All the stadiums will be operational in 2019 and tournaments will be held in the previously mentioned year. NEO technology will be supporting all these operations.

“Ever since I thought of retiring, I started to think about my life after retirement.”

Said the high profiled athlete Ronaldinho.

 “I wish to contribute to the world as much as I can.”

There are many other famous players whose blockchain ventures have not taken off. Among these is world champion boxer Floyd Mayweather who endorsed Centra token. However, its development stopped effectively after the founders were found guilty of fraud. NBA star Stephen Curry’s project of CryptoKitties was also put off.

To conclude, various sportsmen including Roberto Carlos, Luis Figo, Michael Owen and Lionel Messi have expressed interest and are supporters of growing blockchain technologies. However, their indulgence by no means ensure that their investments in the said technology would bear fruit because it could potentially cause major losses as it has in the recent past.

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Habibah Shahid

A Computer Science student but a writer at heart. Habibah writes about Cryptocurrencies and the underlying technology, Blockchain, with the perspective of a Computer Scientist. Email: habibah@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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