So what is Retail FX broker eToro going to do with the $100 million it raised in the Spring from Chinese, Japanese and Korean investors?
Well a good chunk of that is heading to the UK, in the form of one of the largest-ever Forex Sports Sponsorship deals we have seen.
And the deal has a very hunting-for-crypto-traders type feel, with the agreement being paid for nominally in Bitcoin.
eToro has just announced that it has signed partnerships with 7 Premier League football clubs including Tottenham Hotspur, in a landmark deal which sees eToro become the first brand to pay for a Premier League partnership in Bitcoin.
The strategy was planned and negotiated by SportQuake, the specialist sports marketing agency, and provides eToro with a full range of sponsorship assets, including player access, digital rights, tickets, LED perimeter boards and interview backdrops to build a global campaign including TV, digital and social exposure.
Iqbal V. Gandham, UK Managing Director at eToro said:
Today’s announcement is the first step on a long road to football fully embracing blockchain technology. The blockchain technology that underpins crypto currencies like bitcoin brings transparency, which we believe can improve the experience for everyone who loves the ‘beautiful game’, from fans being targeted by ticket touts, or a club negotiating a transfer, we believe that blockchain will revolutionise the world of football. In terms of our strategy, we wanted eToro to be seen as a Premier League player and not just working with a single club. SportQuake has been instrumental in helping us put together this high-density, multi-club, multi-platform marketing strategy
The deal involving Tottenham Hotspur, Newcastle United, Crystal Palace, Leicester City, Southampton, Brighton & Hove Albion and Cardiff City took 6 months to plan and negotiate with eToro and the Clubs.
Matt House, Founder and CEO of SportQuake commented:
With over 10m customers across 100 markets since 2006, eToro is building an important multi-market financial services business democratising trading in crypto currencies and established asset classes. Working closely with Iqbal and his team our research showed strong synergies between eToro and The Premier League and that through a properly planned and bought campaign, eToro could steal a march on their competitors and put eToro, Bitcoin and blockchain at the heart of The Premier League conversation worldwide.