Gibraltar is an overseas territory of the United Kingdom, nestled on the far south-western tip of Spain. The tiny enclave has a land area of under 3 square miles, but boasts geopolitical, economic and strategic influence which belies its size. This weekend Gibraltar made the news as one of its largest football teams announced it will soon be paying its players in cryptocurrency.
Gibraltar United FC play in the Gibraltar Premier League, and are based in the 5000-capacity Victoria Stadium. They may not be one of Europe’s largest football clubs, and indeed Gibraltar’s league was only recognized by the EU’s football governing body UEFA in 2013, but Gibraltar United are certainly making waves in the world of crypto.
Club owner Pablo Dana is behind the move. Dana is an investor in Quantocoin (QTC), a cryptocurrency based on the WAVES blockchain, which aims to drive the mainstream adoption of crypto by increasing the ease of day-to-day transactions. Dana already secured a sponsorshop partnership with Quantocoin, but he’s now taking the leap to pay the club’s players in QTC starting next season. The move makes Gibraltar United the world’s first football team to offer payment in crypto.
Gibraltar offers a number of financial and regulatory benefits when compared with the mainland United Kingdom, and has long been a notable financial centre due to its taxation policies for banks and financial services institutions. Since the late 90s businesses including bookmakers and online gaming companies have relocated there to take advantage of corporate tax policy. Many goods and services are, in addition, VAT-free and so provide further economic benefits to residents and visitors. More recently, Gibraltar has become a leader in fintech and blockchain, having introduced what many regard as the first comprehensive legal framework for initial coin offerings (ICOs) in January of this year.
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