The Netherlands' PSV Eindhoven has become the first European football club to have its entire sponsorship paid in Bitcoin after signing a deal with Dutch crypto company Anycoin Direct.
The first-of-its-kind partnership, which is meant to boost cryptocurrency awareness in Europe, will last for two seasons, according to an Aug. 17 announcement.
Frans Janssen, PSV's commercial director, has already created the cryptocurrency wallets that are required for facilitating payment and holding crypto.
In his statement, Janssen said that the club's penchant for innovation makes Bitcoin a good fit:
According to Dutch newspaper Eindhovens Dagblad, PSV will be paid 400,000 euros per season.
The possibilities and the future that the world of cryptocurrency offers are very promising. As a club in the heart of the Brainport region, we are always innovating, cryptocurrency fits well into this picture.
Factoring in Bitcoin's volatility, the deal stipulates unspecified guaranteed returns in the event of a price drop.
This is not PSV's first foray into crypto. In April, the club auctioned its historic victory in the 1988 European Cup Final as a non-fungible token on Ethereum-based platform Momentible.
As reported by U.Today, Southampton Football Club signed a sponsorship deal back in April that includes performance bonuses paid in Bitcoin.