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Major European Football Club Gets Bitcoin-Only Sponsorship Deal

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Tue, 08/17/2021 - 16:06
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Alex Dovbnya
A cryptocurrency company will act as one of the key sponsors of PSV Eindhoven
Major European Football Club Gets Bitcoin-Only Sponsorship Deal
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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:

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.

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 According to Dutch newspaper Eindhovens Dagblad, PSV will be paid 400,000 euros per season.

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.

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Image by psv.nl

As reported by U.Today, Southampton Football Club signed a sponsorship deal back in April that includes performance bonuses paid in Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.