Staff Reporter
Kraken has been named Atletico de Madrid’s inaugural cryptocurrency partner. The leading cryptocurrency exchange becomes Atletico’s official crypto and Web3 partner. The Kraken brand will be displayed on the jersey sleeves of the men’s and women’s Atletico teams.
This tie-up is designed to bring together Spanish sporting enthusiasts and Web3 technology, raising awareness of the rapidly advancing crypto space.
The partnership is designed to mirror that of Kraken’s existing relationship with Formula 1 team Williams Racing, increasing awareness of cryptocurrency among F1 fans worldwide and driving fan engagement.
Kraken is flying the flag for cryptocurrencies in Spain
It’s not currently permitted to spend cryptocurrencies for real-world services in Spain, with the euro remaining the only legal tender. The crypto industry is unregulated across most of mainland Europe. However, the Spanish government has recently resolved the issue of taxation by acknowledging crypto as a security.
The Agencia Estatal de Administracion Tributaria (AEAT) has determined cryptocurrencies can be taxable through income, wealth, and inheritance tax.
Aside from using cryptocurrency as a store of value, like next-generation gold or silver, many people use it for entertainment purposes. In other EU member states like Ireland, this is increasingly commonplace. The Irish iGaming industry is a prime example, where citizens can create accounts with casino sites and deposit or withdraw in cryptocurrencies. 7Bit Casino is one of the leading Irish casino sites which supports up to ten cryptocurrencies. This could become a more regular feature among sites licensed by Spain’s Directorate General for the Regulation of Gambling (DGOJ).
Atletico de Madrid aren’t the first football team to partner with Kraken this summer. In July, Kraken put pen to paper on a similar commercial arrangement with Tottenham Hotspur. Kraken is now the official crypto and Web3 associate of the North London-based Premier League outfit.
These new corporate partnerships help Kraken raise the profile of the cryptocurrency space. Kraken isn’t just a crypto exchange. It also focuses on educating first-timers about the decentralized currency and the functionality of the wider blockchain ecosystem.
People clearly put their trust in the Kraken brand. It currently serves over 13 million active users on its trading exchange, making it a popular portal for buying and selling the likes of Bitcoin and Ethereum.
Recently, Kraken has worked to gain a foothold in the European crypto market. After securing licenses as a virtual asset service provider (VASP) in Spain, as well as Italy and Ireland, Kraken has positioned itself strategically at the heart of Europe’s vibrant fintech scene.
Today, Kraken leads the way for fiat-to-crypto trading in euros, allowing everyday investors through to institutional investors across Europe the chance to trade cryptocurrencies in EUR.
In March 2024, Kraken went one better for its institutional-grade clientele by launching its “Institutional” service, serving high-volume and high-liquidity clients such as hedge funds and issuers of exchange-traded funds. A month later, the Kraken Wallet was also unveiled, making it possible to buy and sell cryptocurrencies across eight separate blockchain networks from a single account.
