The squad was only certified by UEFA in 2013; however, the boys made headlines today following the announcement that next season they will be partially compensated for their collective efforts on the field with something called Quantocoin.
Quantocoin is a new token currently in what it calls the ‘Distributional Token Offering (DTO)’ phase of its official launch.
See the below video for more info:
Although some cynics believe the move is nothing more than an attempt, by club owner Pablo Dana, to bolster the reputation of a coin he has invested in, there are practical reasons to pay the lads in crypto.
For one, it is notoriously difficult for some foreigners to open up bank accounts in Gibraltar and, as such, using a cryptocurrency such as Quantocoin to pay players solves this problem.
Virtual currencies are, for the most part, decentralized, permissionless, and incorruptible.
Indeed, another reason cited by Dana for opting to pay players in crypto was to avoid corruption in football which is, by most accounts, still a pretty big problem.
Defending his decision, Dana explained: “It [Gibraltar] was the first that regulated betting companies 20 years back, when everyone was seeing them as horrible.
“They put compliance and anti-money laundering regulations and created a platform – they have the intelligence to do the same with cryptocurrencies.”
Gibraltar loves blockchain
Gibraltar has, for some time, been on the cutting edge of blockchain technology.
It’s progressive regulatory guidelines on all things crypto have attracted many ICO organizers to run token sales in the British Overseas Territory.
As such, it seems natural that the first football team to be paid, in part, in cryptocurrencies, should be Gibraltar United.
The team itself is hardly world class; after being certified in 2013, Gibraltar United has since played its football in the tiny premier division of the country, which consists of just ten teams.
However, this move will no doubt put the boys on the map, so to speak – for this 24 hour news cycle, at least.