Arsenal Football Club Signs Partnership with CashBet Coin

The partnership makes Arsenal “the first major team in world football to officially partner with a cryptocurrency”, CashBet said in a statement
25 January 2018   844

CashBet announced on Wednesday that it has signed a sponsorship deal with Premier League football club Arsenal FC ahead of the Initial Coin Offering (ICO) of its new cryptocurrency, CashBet Coin designed specifically for its iGaming platform.

We are pleased to welcome CashBet Coin as our partner. We are looking forward to working with CashBet Coin as they launch their new cryptocurrency.

 

Vinai Venkatesham

Arsenal’s chief commercial officer

Under the partnership, CashBet Coin will be advertised at Arsenal’s Emirates Stadium, and CashBet can use Arsenal’s brand to promote the new tokens.

Arsenal Signs Partnership with CashBet Coin

According to its website, California-based CashBet sells software that helps gaming companies accept bets using cryptocurrencies. CashBet plans to raise $40 million to $70 million in a sale of CashBet Coins.

The ICO presale started on January 24, 2018 at 5:00PM GMT and will end on February 20 at 5:00PM GMT, followed by the public sale beginning on March 20 at 5:00PM GMT and continuing until April 27 at 5:00PM GMT.

CashBet will issue 430,000,000 CashBet Coin tokens. Each coin is initially priced at 50 U.S. cents and meant to be used on CashBet’s gaming sites and mobile apps.

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.