Kraken, one of the world’s largest crypto exchanges, is the first official crypto and Web3 partner of English football club Tottenham Hotspur.
This partnership announcement comes ahead of the 2024/2025 football season. Kraken’s logo will appear on the sleeves of both the Men’s and Women’s jerseys, giving the crypto exchange visibility on one of the most viewed pieces of “real estate” in global sports.
The partnership between Kraken and Tottenham Hotspur is historic, marking a significant milestone in the integration of professional sports and cryptocurrency. As part of this collaboration, Kraken will also become the Official Crypto and Web3 Partner of F1 Drive-London, “a first-of-its-kind immersive” karting experience at Tottenham Hotspur Stadium.
Significance in the Sports and Crypto Industries
Kraken has been actively expanding its presence in the sports world through multiple partnerships, particularly in major football leagues like the English Premier League. The crypto exchange recently partnered with Atlético de Madrid, a prominent Spanish football Club. Partnerships like this bring cryptocurrency into the spotlight of the world’s most popular sports leagues, particularly the English Premier League.
Online casinos like those recommended by Crypto Casino LTD, were among the first industries to adopt cryptocurrencies as a payment method thanks to their fast and anonymous transactions. This innovative approach soon spread to sports betting platforms integrating crypto transactions. This trend is further highlighted by Kraken’s partnership with the football club, demonstrating the growing acceptance of cryptocurrencies in various aspects of the sports and entertainment industries. Kraken’s goal of educating sports fans on the use of crypto and blockchain is setting a precedent in the Premier League.
Not only does Kraken hope to advance football fans’ understanding of crypto, but their goal is to show how cryptocurrency can be integrated into traditional sports to improve fan interaction and experiences. With Tottenham’s international fanbase, the significance of this partnership could potentially influence crypto adoption on a global scale. In a strategic move, this partnership also comes as Kraken is reportedly preparing for a potential IPO, which could further boost the crypto exchange’s profile in the financial world.
Main Goals of the Partnership
Both Kraken and Tottenham Hotspur expressed their enthusiasm about the partnership’s potential to create exciting experiences for fans as well as advance the understanding of crypto technologies in the sports world. Ryan Norys, Tottenham Hotspur’s Chief Revenue Officer addressed the main goals of the partnership between the football club and Kraken, describing the crypto exchange as a “true leader in its field.”
- Advance football fans’ understanding of crypto: This partnership aims to educate the football club’s global fan base about the ins and outs of cryptocurrencies and blockchain technology.
- Increase fan engagement: Kraken wants to create new experiences that will deepen the fans’ connection to the sport and the Tottenham Men’s and Women’s teams.
- Leverage cutting-edge technology: In the press release, Kraken stated that together with the Football club’s shared vision, they hope to use innovative technologies to push boundaries while improving experiences for fans.
- Promote crypto education and accessibility: Kraken’s main goal is to educate fans about cryptocurrency as well as make it as accessible as football. The crypto exchange hopes the goal of crypto education reaches a wider audience through its partnership with Tottenham Hotspur.
- Create exclusive content and experiences: The goal of this partnership includes involving fan pop-ups, exclusive behind-the-scenes access, and interactive competitions to keep football supporters engaged.
Potential Impact on Sports Betting
Sports betting is deeply ingrained in the English football culture, with many English Premier League (EPL) teams having betting companies as sponsors. As one of the world’s most watched sports leagues, several sportsbooks offer a wide range of crypto betting markets for EPL matches, including live betting options and moneylines. Although this partnership between Tottenham Hotspur and Kraken does not directly involve sports betting, the goal of integrating cryptocurrency and blockchain technology into the sporting fan’s experience could potentially impact the sports betting and online casino gambling markets.
Increased Crypto Adoption
This partnership could accelerate the adoption of cryptocurrencies like Bitcoin, Litecoin, and Ethereum. Tottenham Hotspur has a global fanbase, with an estimated reach of 616 million and over 100 million social media followers. Both parties have placed an emphasis on education regarding cryptocurrencies and Web3 technologies. They hope it helps demystify crypto for many fans. Using the planned exclusive content, Kraken hopes that the integration can make crypto more relatable and accessible to everyday fans.
Using cutting-edge technology, the crypto exchange hopes to make more people comfortable with the idea of crypto by showcasing the practical applications of blockchain and crypto, While not explicitly mentioned, this partnership could lead to crypto-based fan tokens in the future. With Kraken’s 13 million global clients and Tottenham’s international fan base, this partnership has the potential to drive crypto adoption across the globe, normalizing sports teams partnering with crypto companies and the presence of crypto in everyday life.
Broader Acceptance of Crypto in Sports
As a major crypto exchange partnering with a prominent football club, this could potentially lead to greater acceptance of cryptocurrencies and blockchain technology within the sports industry. This has the potential to encourage more sports betting platforms to adopt cryptocurrency payment options.
Potential for New Betting Products
One of the main focuses of this partnership is Web3 technologies. This has the potential to lead to the development of new sports betting products or experiences. Since Web3 allows for the creation of decentralized betting platforms, the use of smart contracts can be used to automatically execute EPL sports bets and payouts. This will lead to increased transparency, fairness, and instant payouts.
Additionally, non-fungible tokens (NFTs) can be used to create verifiable assets related to sporting moments or memorabilia. For instance, if Son Heung-min creates one of Tottenham’s best game-winning goals or has a record-breaking performance for the club, this sporting moment can be tokenized as NFTs, which verifies the authenticity and uniqueness of the moment. It could also enhance experiences for fans, like unlocking special experiences or access like meet-and-greets with Heung-min or possibly allowing fans to relive the moment through virtual reality or augmented reality. NFTs can blend the passion of the moment with the technological innovations of Web3 and blockchain.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
