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eToro to Pay for Major UK Soccer Sponsorship Deal With Bitcoin

Online investment platform eToro has inked a deal that will see it pay with bitcoin to sponsor teams within the UK’s top soccer league.

The Israel-based company said in a press release that, with help from sports marketing agency SportQuake, it has entered new partnerships with seven Premier League football clubs for a range of sponsorship assets, including access to players, digital rights, tickets, LED perimeter boards and interview backdrops.

Planned and finalized over six months, the deal sees eToro partner with Tottenham Hotspur, Newcastle United, Crystal Palace, Leicester City, Southampton, Brighton & Hove Albion and Cardiff City, and claim it is “the first brand to pay for a Premier League partnership in bitcoin.”

Iqbal V. Gandham, eToro’s managing director for the U.K., said:

“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.”

The move to fund the sponsorship deal with bitcoin will perhaps come as little surprise. As far back as January 2014, eToro became an early adopter of the cryptocurrency, opening up bitcoin trading for its then 3 million users.

Early in 2017, the company moved to allow customers to buy or sell XRP, ether and litecoin on its platform. However, the investment-only service did not allow them to deposit or withdraw cryptocurrencies from their accounts.

Then, in May 2018, the firm announced it was launching a fully fledged cryptocurrency exchange with a wallet service and the addition of the dash, bitcoin cash, stellar, ethereum classic, NEO and EOS cryptocurrencies.

The announcement also saw customers in the U.S. gain access to cryptos on the platform for the first time.

Just yesterday, the token of the IOTA project was also added to the platform.

Premier League football image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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eToro: Litecoin Price Could Be a “Massive Discount to What it Should be Worth”

Charlie Lee: Creator of Litecoin

Litecoin (LTC) could be one of the best investment opportunities available in crypto-verse. This was reflected in a report released by e-Toro this August, in which they talk about the evolution and current status of the popular cryptocurrency created by Charlie Lee.

The “LTC Market Research” was prepared under the responsibility of Mati Greenspan, a well-known analyst and expert in the field of cryptocurrencies, who did not hesitate to show the advantages of said cryptocurrency, as well as a favorable future outlook for the prices of this popular blockchain token.

Litecoin: Silver 2.0

Litecoin“If Bitcoin is digital gold, then Litecoin is digital silver.” Such are the words with which the report begins, allowing investors and the general public to place their minds in a more traditional context (the commodities market).

The report says that LTC has similar uses to those of Bitcoin, although due to its own characteristics it can be closer to the definition of “liquid money” than to that of “store of value”, despite being suitable to fulfill both roles.

“Litecoin (LTC) is by far one of the most established networks in the crypto space. It is already being used by many as a store of value and means of exchange and so can be considered as money”

Buy The Dip?

The report shows a potential long-term bullish trend in prices, thanks to a series of groundbreaking partnerships that the development team has been achieving over time. For e-Toro, the current timeframes represent an excellent opportunity to buy and invest in this cryptocurrency:

“The groundbreaking partnerships that are being formed by the Litecoin Foundation position this crypto for long-term success. According to the metrics we have analyzed below, the current price that LTC is trading at could be seen as a massive discount to what it should be worth.”

Bitcoin and Litecoin: Similar but Different (Just as Gold and Silver)

BTC TradingMr. Greenspan also commented that there are numerous factors that allow to easily compare LTC and BTC with the Silver and Gold market. From the availability of both goods to the ease of mining and price fluctuation, Litecoin points more to convenience while Bitcoin points to accumulation and big operations:

Litecoin, being cheaper, more numerous and permitting faster and quicker transactions, aims to become a standard for smaller transactions, while Bitcoin can remain as the coin of choice for very large payments and store of value …

The ratio between Bitcoin and Litecoin is also rather similar to that of Silver and Gold.”

Mati also mentioned that it is possible that Litecoin is currently oversold due to the current bear market. It is important, however, to thoroughly investigate not only this crypto but all other options before making a risky financial investment.

Right now, LTC is traded at around 57USD. The cryptocurrency is ranked 7 on the global marketcap

Graph: Coinmarketcap

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Cardano Technical Advantages and Potential: ADA Listed on OKEx

After publishing the Cardano – ADA research report by Etoro, much technological and fundamental value has been showcased and acknowledged by the community. Proportionally, to reach a fully functioning product in at least 2 years, various projects have will be initiating by Q3 of 2018.

Cardano

Running on the much more advanced consensus  protocol Ouroboros compared to the PoW that Bitcoin uses. The Ouroboros is not necessarily mining related which give the team a possibility to make it less costly.

Introducing the Two-Layer Network, changes and various improvements can be made to the blockchain without the need of a fork as it has been used before on Ethereum or Bitcoin. The two layers are known as CSL – Cardano Settlement Layer and CCL Cardano Computer Layer.

Cardano’s e-Wallet is called Daedalus, one of a kind in the market. It gives users the ability to activate decentralized applications within the cryptocurrency’s Blockchain. So, it’s both very powerful, versatile and safe.

What makes blockchain very welcomed in the financial and various other sectors, is its solution-offering power for different loopholes that managing systems have. Cardano’s blockchain can be used to track goods while on the way through the use of smart contracts and an online ledger.

ADA OKEx

The digital asset ADA [Cardano’s Token] is on the list for available tokens to change hands in the OKEx crypto-exchange.

Started in 2014 by the CEO of OKCoin, Star Xu, OKEx is one of the largest digital asset exchange platforms in the world and provides hundreds of token and futures trading pairs. Earlier this year OKEx announced its plans to expand into Malta.

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eToro Announces Cardano (ADA) Is Now Available For Trading

eToro, one of the most popular trading and investment platforms, announced yesterday the availability of Cardano (ADA) within their list of supported cryptocurrencies.

They announced such important decision via Twitter, a social network that brings them closer to their users’ community.

Thus, Cardano (ADA) would be the 11th crypto of all available for investment. The other options are Bitcoin, Ethereum, Litecoin, Ripple, Bch, Ethereum Classic, DASH, Stellar, NEO, and EOS.

Also, eToro also published an article explaining to the community the potential of the famous crypto, seeking to help each investor conduct their own research:

“Cardano is the latest cryptocurrency to be added to eToro’s selections. eToro clients can now trade and invest in ADA and add the crypto to their portfolios. As the blockchain revolution continues, it can be assumed that companies that present added value, such as Cardano’s blockchain development platform, will have a stronger foothold in the market. While some other cryptocurrencies could fall to the ebb and flow of supply and demand, Cardano’s strong, highly-regarded blockchain platform could be a driving force in maintaining its position as one of the world’s leading cryptocurrencies.”

The platform also highlighted some similarities between Cardano and Bitcoin, mostly to help non-tech-savvy investors learn more about the characteristics of this potential investment.

Cardano is a third generation blockchain, developed by a team of experts who were involved in previous blockchain developments such as Ethereum and Ethereum Classic.

Also, Cardano promises to solve the problems of older generation blockchains such as Bitcoin (BTC) and Ethereum (EHT), enabling scalability and interoperability solutions that are complex in other blockchains.

As a result of all of this exposed potential, after its launch in the final quarter of 2017, Cardano quickly reached the Top 10 in coinmarketcap, with a record valuation in the price of its token (ADA).

During June, Cardano (ADA) is suffering from a bearish behavior, with some oscillating charts, bouncing to the rise precisely in an area very close to its current price.

The announcement has not generated a disproportionate reaction (as it used to happen in 2017); however, a slight upward shift in the trend can be observed in 4-hour Heikin Ashi candles.

Graphics Provided by Tradingview

eToro’s announcement can be extremely useful to Cardano (ADA) as it would open the doors to investors who are generally not involved with crypto money.

Long-term effects cannot yet be predicted, but the outlook may be promising.

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‘Bitcoin (BTC) Crash Not Due To CoinRail Hack, But A Technical Correction’, Says Analyst

Although our favorite top cryptocurrencies are glowing green, there is still some eerie uneasiness in the cryptocurrency markets with respect to the next course of direction after the event people have described as a Bloody Sunday. The reason to declare the recent Cryptocurrency flash crash a bloody Sunday are two. The first being obvious: that it happened on a Sunday.

The second reason is that the Crypto-markets were affected by 2 events on the same day that many traders assumed were the causes of the flash crash. The first one was the confirmed hack of the South Korean exchange known as Coinrail which was the victim of $40 Million cyber heist. The heist caused panic in the crypto markets. What then happened is a drop of $20 Billion in total market capitaliztion. Then more news came in the form of an investigation of 4 exchanges by US Regulatory Authorities. This was another blow that plunged the crypto markets to a recent low in total market capitalization of $291 Billion.

However, one Analyst seems to differ with the above accepted reasons of the current market decline.

Mati Greenspan, a Senior Analyst at eToro, claims that what happened was simply a Technical Correction.

Writing in a market commentary that was made available to CCN.com, Greenspan was quoted as saying the following:

There is absolutely no reason why this smash and grab job at a local boutique [Coinrail] should have sent bitcoin down by $1,000.

In the report, Greenspan noted that the biggest decline happened 15 hours after the hack. The scale of the new wave of decline was disproportionate to both the size of the hack and Coinrail’s significance in the cryptocurrency ecosystem. He argued it was a technical correction and added the following.

Though the CoinRail hack may have set us off-track, I don’t think that this will have very significant ramifications in the long run. The industry has certainly seen much bigger hacks before and other than a technical price level, this doesn’t change much for the path of the industry over the next five years.

Greenspan was quick to propose that the price of Bitcoin will certainly be higher in the future as institutional investors start taking an interest in the industry. Similar sentiments were shared by Fundstrat CEO, Thomas Lee, when he was interviewed by CNBC.

Mr. Lee said that:

I think institutional investors have gained a lot of interest, and they haven’t really come into crypto yet because there is still some regulatory uncertainty.

The regulatory uncertainty mentioned by Mr. Lee might not be around for too long as news reaching Ethereum World News, indicate that South Korean officials have issued the first guidelines of treating cryptocurrency exchanges as Commercial banks.

What then can be concluded from both Mr. Greenspan and Mr. Lee’s comments and observations, is that there is no need to panic as the crypto-markets have seen worse days. A market recovery is imminent with time.