Soccer club Gibraltar United pays players in crypto

30 Jul, 2018
by David Robb
News
Soccer club Gibraltar United pays players in crypto

A semi-professional soccer team in Gibraltar has started to pay its players in cryptocurrency. Gibraltar United recently signed an agreement with its players that their salaries will be paid in Quantocoin.

The island of Gibraltar has been ahead of the curve on crypto, introducing official ICO regulations back in January that would make it more appealing as a base for blockchain companies. The stock exchange also began publicly trading crypto just a few months ago.

Read more: Gibraltar's stock exchange opens crypto trading to the public

This recent move from Gibraltar United is a result of a sponsorship partnership organized by owner Pablo Dana, who is an investor in Quantocoin. The use of crypto has a couple of major benefits for the club, which plays in Gibraltar's Premier Division and was officially certified by UEFA just five years ago.

Firstly, cryptocurrency payments are better for the foreign players on the team, many of whom may have struggled to set up bank accounts in Gibraltar. Adoption of crypto will also encourage increased transparency with payments in the sport as a whole. This will limit the potential for the kind of financially-based corruption scandals that have plagued many clubs as well as world organizing body FIFA over recent years.

While this is probably the first case of a football club compensating its players in cryptocurrency, there have been increasing links between crypto and the sport recently, with clubs and individual players getting involved with major promotion and sponsorship deals.

Read more: German football club partners with cryptocurrency company NAGASoccer legend Didier Drogba becomes crypto ambassadorRonaldinho set to launch Soccer Coin

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