By
Godfrey Benjamin
July 3rd, 2024
This new agreement extends Gemini’s commitment to the club, ensuring that the exchange’s logo will be prominently displayed on the team’s uniforms and around the pitch.
Popular New York-based crypto exchange Gemini has inked a five-year sponsorship agreement with Real Bedford FC, the football club co-owned by renowned podcaster Peter McCormack.
According to a recent report, the entire sponsorship payment will be made in Bitcoin and placed directly into Real Bedford’s Bitcoin treasury. Notably, the club has fully incorporated Bitcoin into its financial processes. This allows players to accept cryptocurrency payments and fans to use Bitcoin to purchase tickets and products.
“By integrating Bitcoin into our treasury, we have achieved a +62% return, thereby strengthening the club’s financial position and protecting our cost base against the recent surge in inflation,” McCormack said in a statement.
The Bitcoin treasury protects the club’s cash and investments from rising inflation. As per the announcement, it will also help fund the construction of a new training center and the launch of a youth football academy aimed at underprivileged children in Bedford, a town in Bedfordshire, England, where McCormack resides.
This new agreement extends Gemini’s commitment to the club, ensuring that the exchange’s logo will be prominently displayed on the team’s uniforms and around the pitch.
Notably, in April this year, Gemini founders and twins Tyler and Cameron Winklevoss-owned investment firm Winklevoss Capital invested $4.5 million in the club. This investment made the Winklevoss twins co-owners of the club alongside McCormack, who acquired Real Bedford in 2022.
The Winklevoss twins have also been active on the political front. On June 20, the billionaire brothers pledged a total of $2 million in Bitcoin donations to support Republican presidential candidate Donald Trump’s 2024 campaign. Tyler Winklevoss criticized the Biden administration’s handling of crypto market regulations during his tenure.
Football and Crypto
The COVID pandemic caused a significant financial strain on football clubs, with lost revenue streams. In response, the cryptocurrency sector has provided a much-needed financial lifeline.
Crypto exchanges and football have created several big partnerships in recent years. In 2023, Spanish striker David Barral made headlines when his transfer from Real Madrid to DUX International de Madrid was paid for with Bitcoin. This marked the first time a football transfer deal was funded using cryptocurrency.
Several clubs, including Crawley Town FC, have turned to innovative solutions like non-fungible tokens (NFTs) and digital collectibles to generate funds and maintain fan engagement. In May, renowned Portuguese footballer Cristiano Ronaldo partnered with Binance to launch a limited edition NFTs.