Bitcoin Among the Soccer Wolves: Why Cryptocurrency Is Desperate to Rub Shoulders With Football
Last year the British cryptocurrency exchange Coindeal entered into a major sponsorship deal with one of the English Premier League’s (EPL) prominent football clubs.
Wolverhampton Wanderers F.C – the club currently ranked 7th out of 20 teams in the EPL – will play out the season with the crypto exchange’s logo on their official match-day kit. Coindeal’s logo and branding also appears in choice locations around the club’s 32,000 capacity Molineux Stadium.
This isn’t the first time those operating in the crypto space have tried to edge their way into football – and considering the exposure to be gained from the most viewed sport in the world, it probably won’t be the last.
Football Can Kick Crypto Into The Mainstream
The English Premier League is broadcast into 643 million homes worldwide, across 212 different national territories, to give an estimated combined audience of 4.7 billion.
With that kind of exposure up for grabs, it’s no surprise that numerous crypto firms have tried to get in on the football game in the past couple of years. These names may not mean much to a U.S audience, but major British sporting personalities such as Michael Owen and Harry Redknapp have already been roped into promoting various cryptocurrencies. Meanwhile, more global names such as Ronaldinho and Leo Messi have also had their personas utilized for the creation and promotion of crypto.
After launching in Q2 of 2018, Coindeal has seen 200,000 accounts created on its platform – enough to generate a daily turnover of close to $10 million at time of writing, and send the exchange into the top seventy trading platforms by volume.
Interestingly, trades involving the British pound (GBP) only account for $600,000 of the daily volume, while USD maintains its reputation as the internet’s global currency, with $4.2 million changing hands via the BTC/USD pair.
Playing Moneyball For Long Term Crypto Gains
Anyone who tuned into the 2018 World Cup may remember those cryptic blockchain adverts for a company called Hdac. The ads saw all of the white goods in a person’s household suddenly come alive and start moving around the kitchen – interacting with each other along the way.
The advert was supposed to convey the notion of an Internet-of-Things, however all it did was leave traditional football fans scratching their heads, and had most people deriding the concept of blockchain.
So the symbiosis between football and blockchain isn’t quite there just yet, however, whichever pioneer breaks through that barrier first stands to benefit greatly.
Wolverhampton Wanderers, known casually as ‘Wolves’, could be exactly the kind of wildcard to make that happen. The club is punching above its weight in the world’s toughest football league this season, after only being promoted from the lower division one year before.
The team is overseen by a previously unproven foreign coach, and the squad is made up of a ‘Moneyball’ type contingent of cheap, but risky players from all across the globe. Associating with a yet unproven cryptocurrency exchange may also be seen as a risk, but judging by Wolves’ 7th position spot in the league table, this team has a knack of taking risks that pay off.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.