Gemini, the well-known cryptocurrency exchange based in New York, has signed a five-year deal to sponsor Real Bedford Football Club. This English soccer team is jointly owned by Peter McCormack, who is famously known for his podcasting work.
Based on a recent announcement, all sponsorship funds will be transferred in Bitcoin straight to Real Bedford’s digital wallet, which is part of their Bitcoin treasury. Significantly, the team has integrated Bitcoin into its monetary system, enabling players to receive cryptocurrency compensation and fans to buy tickets and merchandise using Bitcoin.
As an analyst, I would rephrase it as follows: “Integrating Bitcoin into our treasury has yielded a impressive 62% return for us. This not only bolsters our financial position but also safeguards our cost base against the current inflationary trend.”
The Bitcoin trust safeguards the football club’s funds and investments against inflationary increases, as stated in the announcement. Furthermore, it will contribute to the building of a new training facility and the establishment of a youth soccer academy for underprivileged children in Bedford, a town located in Bedfordshire, England, which is where McCormack lives.
Under this fresh arrangement, Gemini’s devotion to the sports team is reinforced, with their emblem given prime visibility on the players’ jerseys and throughout the stadium.
In April of this year, the investment firm Winklevoss Capital, which is led by Gemini founders and identical twins Tyler and Cameron Winklevoss, invested a significant sum of $4.5 million in the club. As a result, the Winklevoss twins became co-owners of the club, joining McCormack who acquired Real Bedford in 2022.
The Winklevoss twins, multi-millionaires, have been involved in politics as well. On June 20th, they announced a commitment of $2 million in Bitcoin donations towards Republican presidential hopeful Donald Trump’s 2024 campaign. Tyler Winklevoss publicly expressed his disapproval of the Biden administration’s approach to regulating cryptocurrencies during his term.
Football and Crypto
The financial impact of the COVID-19 pandemic on football clubs was substantial due to disrupted sources of income. Fortunately, the cryptocurrency industry has stepped in as a valuable source of financial support during these challenging times.
As a crypto market analyst, I’ve noticed an intriguing trend in recent years: the convergence of crypto exchanges and football. In 2023, this intersection made waves when Spanish striker David Barral’s transfer from Real Madrid to DUX International de Madrid was financed using Bitcoin. This groundbreaking event marked the first instance of a football transfer deal being facilitated through cryptocurrency.
Multiple soccer clubs, such as Crawley Town FC, have adopted creative methods like non-fungible tokens (NFTs) and digital collectibles to raise funds and keep fans engaged. In May, Cristiano Ronaldo, the famed Portuguese soccer player, collaborated with Binance to introduce limited-edition NFTs.
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2024-07-01 13:31