Az Alkmaar is expected to become the first Dutch professional football team to pay player salaries in Bitcoin.
Az Alkmaar is going to become the Netherlands’ first professional football team to pay player salaries in Bitcoin (BTC).
The Eredivisie team, which finished third in the 2020/2021 Dutch football season, appointed crypto broker Bitcoin Meester as its exclusive and official cryptocurrency partner until mid-2024 in a statement released on the club website on Thursday.
The sponsorship transaction will be completed entirely in Bitcoin, according to the release, with the Dutch club intending to hold the BTC sum on its balance sheet.
AZ Alkmaar will reportedly start paying its players in Bitcoin, following a growing list of sports teams who have begun using the cryptocurrency to compensate professional sportsmen.
The appeal of Bitcoin and crypto is evident, according to AZ’s commercial director Michael Koster, hence the club’s decision to adopt BTC. “The cryptocurrency market is booming, with an exponential growth of users in recent years,” Koster added.
Non-crypto businesses, such as football teams, require the supervision of established market participants like Bitcoin Meester, according to Koster. Indeed, the crypto broker is one of the few cryptocurrency businesses that has been granted a license by the Dutch central bank.
Authorities in the Netherlands appear to be debating cryptocurrency rules, with one government official recently advocating for a complete ban on Bitcoin.
Crypto companies are increasingly entering into sponsorship deals with sports teams to boost brand recognition and grow their business. As previously reported by Cointelegraph, Crypto.com recently announced a global partnership with Formula 1.
From Major League Baseball to the National Basket Ball Association, several American sports franchises and star athletes are also embracing Bitcoin and crypto. Back in June, seven-time Super Bowl champion Tom Brady inked a celebrity crypto-endorsement deal with crypto exchange giant FTX.