Players for Watford FC, which was promoted to the world’s richest soccer league this year, will wear a dogecoin logo on their sleeves for the 2021/22 season, The Athletic reported on Saturday.
The initiative is part of a sponsorship deal with gambling company Stake.com. It will be worth just shy of $1 million to the team, according to The Athletic, a sports news website.
Watford FC did not respond to Insider’s requests for comment on Sunday.
Watford, which is based just north of London, is no stranger to the crypto world. It sported a bitcoin logo on its shirts as part of a sponsorship deal with Sportsbet.io for the 2019/20 Premier League season, which saw the side get relegated.
Cryptocurrencies are digital currencies that aren’t controlled by a centralized authority, such as a commercial or central bank. Instead, they are secured using complex cryptographic technology.
Crypto has boomed in 2021, with the entire value of the market now standing at around $1.95 trillion, according to Coinmarketcap. Yet regulators have repeatedly warned that cryptocurrencies are highly risky.