The European soccer team Philips Sport Vereningin – better known as PSV Eindhoven – has signed a partnership with a local cryptocurrency exchange. Part of the terms dictates that the club will receive the entire sponsorship in bitcoin.

PSV Gets BTC

The European club announced the partnership with Anycoin Direct earlier this week, highlighting that PSV will therefore become one of the first major soccer teams in the EU to have the entire sponsorship paid in the primary cryptocurrency.

The digital asset exchange will become the Official Partner for the following two seasons. Both parties aim to raise awareness of cryptocurrencies and the trading platform in Europe.

CryptoPotato reached out to Sander Jacobs, Account Manager Partnerships and Business Development, who confirmed that PSV will keep the funds in BTC, but it has a stop loss at which it would sell in case the value of the asset drops a lot.

Jacobs also noted that the team believes in the promising developments of the digital asset industry and added that several clubs in the Netherlands are looking for similar partnerships with exchanges as well.

It’s worth noting that this sponsorship deal between a cryptocurrency exchange and a Dutch soccer team is not a precedent. Earlier this year, another local club – AZ Alkmaar – partnered with Bitcoin Meester and received portions of the sponsorship deals in BTC.

Crypto and Bitcoin Are ‘Very Promising’

The statement indicated that PSV had established the necessary BTC wallets to facilitate the partnership deal and receive the funds. Frans Janssen, Commercial Director PSV, commented that the “possibilities and the future that the world of cryptocurrency offers are very promising.”

He believes that the club’s location – at the heart of the Brainport region – enables it always to be very innovative, and the digital asset space “fits well into this picture.”

“Growing up in the region, PSV has always been very close to me. As a technology company from the Brainport area, we are very excited to be working with PSV. The payment in Bitcoin marks the next step for the adoption of cryptocurrency in the EU.” – said COO of Anycoin – Lennert Vlemmings.